"Economists and a representative for the National Association of Realtors, in congressional testimony today, raised red flags about 'exotic' mortgages and rising interest rates, energy prices and house prices, though they said they do not expect a doomsday scenario for the nation's housing market."
"Stevens said a gradual slowdown for the housing market 'is certainly possible and under the right circumstances likely, but that a soft landing is critically dependent upon policies that support a transition to a more normalized market and mitigate changes in local markets in the availability of mortgage financing and other essential elements to home ownership.'"
"Economists for the Office of Federal Housing Enterprise Oversight, Federal Deposit Insurance Corp. and National Association of Home Builders also offered testimony during a hearing today, titled The Housing Bubble and Its Implications for the Economy."
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