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There is some thinking that the pace of the housing recovery is unsustainable and that we may be heading for another housing bubble. However, Jonathan Smoke, the Chief Economist of realtor.com explains the basic difference between 2005 and today:
"The havoc during the last cycle was the result of building too many homes and of speculation fueled by loose credit. That's the exact opposite of what we have today."
If we look at the number of new single family housing starts over the last 30 years, we can see that the numbers...