Housing market now an “extreme situation”: VIDEO

The housing market’s recovery is being closely watched by analysts and brokers, amidst fears that the rapidly rising home prices may be the sign of a housing bubble, BBC News reported.

“Twenty-five years, and we’ve never seen this kind of market,” said Warren Lewis Sotheby’s International Realty president Aroza Sanjana, referring to the high demand and intense bidding wars seen in the Brooklyn market. Similar signs were seen in several markets across the country, including Atlanta, San Francisco and Phoenix.

Miller Samuel’s Jonathan Miller told BBC that he was “less concerned about the term ‘bubble,'” but acknowledged that the market was in an “extreme situation that would abate somewhat” in the next few quarters. [BBC News] — Hiten Samtani