Fed Mortgage Subsidy Drives Buying Panic In Existing Homes To Bubble Levels

``Listing prices across all markets are not rising as fast as selling prices because more sales are taking place in the more desirable, active markets, whereas the listings data reflects a broader cross section of good and bad markets... Housing inflation, like the inflation of stock and bond prices, is raging in the US thanks to the Fed's subsidy of mortgage rates. Buyers are scrambling to outbid one another for limited inventory in good locations. However, do not confuse the frenetic buying panic in existing housing with a housing industry recovery''