Housing bubble

The bursting of the housing bubble may be tied to rising gas prices, according to one economist.

A new reports says high gas prices have contributed to falling house prices in the nation's suburbs.

Dean Baker of the Center for Economic and Policy Research (CEPR) chastises those whom he calls the "homeownership ideologues" for promoting homeownership to lower income households.

J.P. Morgan's federally-back purchase of Bear Stearns holds billions in dubious "mortgage backed securities," and Fannie Mae and Freddie Mac are pumping hundreds of billions into the market. Time may be running out for the Federal Reserve.

In Miami, speculators inflated the housing market by buying and flipping condos. Now with the market deflating and a host of condo towers still under construction, Miami may be the worst major real estate market in the world.