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Heading towards another housing bubble?
Home prices have jumped nearly 20% and the Federal Reserve Bank of Dallas warned this week of “a brewing U.S. housing bubble” with trends reminiscent of those that culminated in the historic financial crisis of 2008. For Americans buying or selling a home, what should they expect? NBC’s Ali Vitali reports in this week’s Sunday Focus.
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Heading towards another housing bubble?
Are we heading towards another Boston condo housing bubble?
The U.S. housing market has been an unlikely beneficiary from the Covid-19 pandemic.
During the pandemic, home prices have climbed at a record pace. The median price for an existing home reached over $363,000 in June 2021, a 23.4% year-over-year increase
However, according to most experts, the market is shaping up to look more like a boom rather than a bubble.
While speculation certainly is a factor, the main cause for the current housing demand is low mortgage rates. At the start of the pandemic in March 2020, the 30-year fixed-rate mortgage rate sat at 3.45%. By July of this year, that number had dropped to 2.87%.
Supply is also an issue. According to the National Association of Realtors, the U.S. has underbuilt its housing needs by at least 5.5 million units over the past 20 years. That’s a stark comparison to the previous housing bubble in 2008 when overbuilding was the issue.
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Are we heading towards another Boston condo housing bubble?
“Absolutely. I think we’re in an omni-bubble. How long does it last? It depends. How long do you keep the faucet open and this money running?” billionaire Jeff Greene said on “Power Lunch.”
Greene is not the first person to suggest the market is overheating, although his previous bet against the housing market in the mid-2000s makes his comments Friday notable. Recently, Google searches for “When is the housing market going to crash?” have spiked dramatically.
“When you see prices go up the way they’ve gone up, you have to ask yourself: Why did this happen?” Greene said, contending the robust monetary and fiscal policy response to the pandemic played a key role.
“I think we’re going to have inflation that no one … is forecasting whatsoever, and it’s going to have to lead to much higher interest rates and that is going to slow down all these markets,” Greene said.
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Boston Condo Housing Bubble?
Could it happen again?
The big difference is that the last bubble was built on the backs of the under-qualified borrowers who took exotic mortgages from unscrupulous loan brokers. The bad loans were funneled to Wall Street, where the same thing happened
Because mortgage underwriting has been strict over the last ten years, it’s hard to imagine that a wave of homeowners loaded with equity would get foreclosed – and then the banks would give them away too.
But it is possible that we could have mild swings of 5% to 10%. But if there were a couple of low sales, wouldn’t the lower-motivated sellers just wait it out? Probably.
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Updated: Boston Real Estate Blog 2021
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SqFt#73347001 | Condo© 2025 MLS Property Information Network, Inc. (MLSPIN). All rights reserved.
The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.MLS PIN data last updated at July 12, 2025, 11:43 PM ET
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The property listing data and information, or the Images, set forth herein were provided to MLS Property Information Network, Inc. from third-party sources, including sellers, lessors, landlords, and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information, and the Images, are for the personal, noncommercial use of consumers having a good faith interest in purchasing, leasing, or renting listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing, leasing or renting. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information, or as to the accuracy of any of the Images, set forth herein.
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