It seems that whenever pundits, experts or commentators are asked about whether there is a housing bubble, the answer is given short shrift and invariably contains one of two phrases:

The housing market has a solid foundation

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The housing market has a stong fundamentals

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These or similar phrases are taken at face value, yet little discussion time is spent on what actually constitutes a solid foundation or strong fundamentals for the housing market. Maybe its really not that complicated after all.