Is the Media Creating a Housing Bubble Myth?

An interesting article here from the Free Market Project discusses the media's attempts at painting a picture of a national housing bubble. What is striking to me is the way the media (as cited by the article) ignores comments from the Federal Reserve Chairman and other sources like the Commerce Department.

Here's the summary of points the article makes:

• A Bubble?: Fed Chairman Alan Greenspan has denied the existence of a national housing bubble for several years, but the media have used the term repeatedly.

• Strong Gains: The increase in real estate values the past five years has not resembled the rapid rise typically seen in a bubble. In 2000, the national median existing-home value was $139,000. This grew to $215,900 by the third quarter of 2005 – a 55-percent nominal increase but a 34-percent inflation-adjusted gain.

• Home Sales Still Going Up: New home sales jumped another 13 percent in October. While sales of existing homes were down 2.7 percent from September, the median national price rose to $218,000, a 16.6 percent increase since October 2004.

So perhaps there isn't a housing bubble. I suppose only time will tell.