MORGAN STANLEY: We Don't See Bubbles Developing In The Hotter Local US Housing Markets

Economist Robert Shiller warned all of us of the U.S. housing market bubble before the bubble eventually burst. So, people took notice when Shiller said that some local housing markets in the U.S. were looking "bubbly." He's pointed his finger repeatedly and specifically to Phoenix and Las Vegas where prices have roared back. The credit analysts at Morgan Stanley, however, disagree with these concerns. "While there are clear geographical variations in the pace of recovery, we do not find ‘bubb...