Tom Blumer of BizzyBlog has a couple of very interesting posts on the housing situation.

One post argues that while the froth has left the housing market, we have simply returned to historical price appreciation growth rates.

I think Tom is right, but there are still a lot of people, who either bought at the top, or financed with no money down, interest only mortagages, who are feeling some serious pain right now. Maybe it isn’t a bubble bursting according to the statistics, but it sure feels like it to many, many people. That being said, those people should have known better than to buy too much house or finance it in such a risky manner. Either way, we are definitely seeing a correction in housing, especially in the formerly hot areas, like Boston.

The second post is an interesting email exchange with Dow Jones Marketwatch housing reporter Rex Nutting.

Make Tom’s blog a regular destination for interesting coverage and analysis of economic news, I do.