|NEW YORK, NY -- (PRNewswire) A new survey from Deloitte Research suggests that the danger of a housing bubble may have abated. That's becase real median home prices were up a modest average of 1.8 percent during February, March and April after red hot gains over the past several years.
"There has been much discussion recently about a housing bubble, but the truth is that home price appreciation has slowed considerably in the past three months. The time to talk about a bubble was last December," says Carl Steidtmann, chief economist of Deloitte Research and author of the monthly index.
"Consumer spending growth in the summer months will be largely dependent on the direction of home prices and job growth," continued Steidtmann. "As job growth continues to accelerate, we should see a corresponding pickup in real wage growth."
This eUpdate posting by: Steve@BuildingOnline.com, Editor