Though housing appreciation has shown signs of slowing, a housing bubble is not on the horizon, argued economists and analysts from Bear Stearns on a recent conference call.

"The things we look at - rates, housing turnover, equity, supply-demand, and home prices - all support a housing market that may not grow in the 10% range but certainly there is no housing bubble," said Dale Westhoff, head of MBS research at Bear.

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