(MONEY Magazine) – IT'S A BUBBLE! 2.2 mil. Homes starting construction in February (annualized)

Housing starts have not been this high for two decades. Putnam Investments economist David Kelly says this looks like overbuilding. Though there's plenty of demand now, increasing interest rates will likely shrink the pool of potential buyers, he warns.

NO, IT'S NOT! 4.2 mos. Total supply of existing homes for sale nationwide

At the pace that existing homes are currently selling, supply is still remarkably tight, says David Lereah, economist for the National Association of Realtors. The record low for existing inventory, hit in January, was just 3.8 months' worth. --PAT REGNIER