Read Time 6 Minutes
June 1 kicked off National Homeownership Month, and the US housing market is as hot as an Alabama summer. You can’t look at the news without hearing talk about whether we’re in a housing market bubble, and if so, when the bubble will burst. To learn about the current state of our local housing market, we reached out to four Realtors and three experts. Here’s what they told us.
First, let’s define our terms: what exactly is a housing bubble?
According to bankrate.com, “A real estate bubble, also referred to as a ‘housing bubble,’ occurs when the price of housing rises at a rapid pace, driven by an increase in demand, limited supply and emotional buying.