I came across this interesting article - complete with graphs from the FED.

A couple of choice quotes:

âÂÂThe continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.â ��" David Lereah, NAR mouthpiece/economist ��" August 2005

âÂÂThe steady improvement in home sales will support price appreciation despite all the wild projections by academics, Wall Street analysts, and others in the media.â ��" David Lereah, NAR mouthpiece/economist ��" January 10, 2007

âÂÂBuyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. WeâÂÂve transitioned into a sellerâÂÂs market in much of the country. We expect a seasonal rise of inventory this spring, but it may be insufficient to avoid more frequent incidences of multiple bidding and faster-than-normal price growth.â ��" Lawrence Yun ��" NAR mouthpiece/economist ��" February 21, 2013

This is worth more than a casual read:

http://www.theburningplatform.com/?p=49703