by Calculated Risk on 6/01/2005 11:36:00 PM

Last week, Barry Ritholtz of The Big Picture wrote: "Don't Buy Housing Bubble Propaganda". I recommend it.

Today, Dr. Richard Rosen (Senior Economist Chicago Federal Reserve Bank) release a Fed Letter: "Explaining recent changes in home prices". Also worth reading.

Speculation, excessive leverage, loose lending practices are all evidence of a bubble.