Why Bubble Talk Doesn't Hit Home

Bubble, schmubble. But still, housing may cause trouble.

The residential real estate market, buoyed by record lows in mortgage rates, has played Atlas in this anemic economy. The 1997-2002 period witnessed a 27% increase in inflation-adjusted housing prices, the strongest five-year run going back to 1945.

Meanwhile, anecdotal evidence suggests money is moving from the stock market to the housing market, leading some observers to proclaim a "housing bubble." ...