Is America's Housing Bubble about to Burst?

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The American real estate market has attracted a feeding frenzy over the last five years. After the stock market soared in the late '90-s and cooled over the first couple of years of this century, people increasingly turned to this more tangible investment. Invest we did, taking advantage of creative financing, gobbling up supply, changing the demographics of entire neighborhoods and seriously inflating the prices of homes, especially in Los Angeles, New York, Boston, San Francisco and other coastal cities. How much higher can prices go? Can a middle-class individual still afford to buy a home? After doubling over the past five years, will prices inch their way down or have we created a housing bubble that's about to burst? Guest host Diana Nyad speaks with economist and real estate professional across the US. Making News: More Reports of Military Prison Abuse Photos released today of an imprisoned Saddam Hussein in his underwear stirred apologies from Washington. Authorities now cite possible violation of the Geneva Convention. Today's New York Times reports details of Afghan prisoner abuse by US soldiers, and the alleged defilement of the Koran by US interrogators at Guant-namo Bay, as reported by Newsweek, has caused rioting--even death--across the Muslim World. Josh White of the Washington Post updates the abuse story. Reporter's Notebook: Here Comes Another Hurricane Season Last summer, successive storms swept across the Atlantic and gathered hurricane force by the time they reached our eastern shores. This year, meteorologists warn us to brace for another active season as Hurricane Adrian has already begun to wreak havoc across Guatemala and El Salvador. Jim Lushine, severe weather expert for South Florida at the National Weather Service, has more.
The American real estate market has attracted a feeding frenzy over the last five years. After the stock market soared in the late '90-s and cooled over the first couple of years of this century, people increasingly turned to this more tangible investment. Invest we did, taking advantage of creative financing, gobbling up supply, changing the demographics of entire neighborhoods and seriously inflating the prices of homes, especially in Los Angeles, New York, Boston, San Francisco and other coastal cities. How much higher can prices go? Can a middle-class individual still afford to buy a home? After doubling over the past five years, will prices inch their way down or have we created a housing bubble that's about to burst? Guest host Diana Nyad speaks with economist and real estate professional across the US.
  • Making News: More Reports of Military Prison Abuse
    Photos released today of an imprisoned Saddam Hussein in his underwear stirred apologies from Washington. Authorities now cite possible violation of the Geneva Convention. Today's New York Times reports details of Afghan prisoner abuse by US soldiers, and the alleged defilement of the Koran by US interrogators at Guant-namo Bay, as reported by Newsweek, has caused rioting--even death--across the Muslim World. Josh White of the Washington Post updates the abuse story.
  • Reporter's Notebook: Here Comes Another Hurricane Season
    Last summer, successive storms swept across the Atlantic and gathered hurricane force by the time they reached our eastern shores. This year, meteorologists warn us to brace for another active season as Hurricane Adrian has already begun to wreak havoc across Guatemala and El Salvador. Jim Lushine, severe weather expert for South Florida at the National Weather Service, has more.
Guest host Diana Nyad, who was inducted into the International Swimming Hall of Fame in 2002 as the world record-holder for the longest swim without the aid of a cage -- from Bimini to Florida, 102.5 miles! -- is a business sports columnist for Marketplace, has served as senior sports correspondent for Fox News, and has hosted her own show on CNBC. She's also the author of three books, Other Shores, Basic Training and The Keyshawn Johnson Story.

New York Times article on abuse of Afghan prisoners

Bradley Graham's Washington Post article on reports of Iraqi forces abusing detainees

Los Angeles Times article on glut in real estate market

National Hurricane Center

Mason Dixon Polling on hurricane preparation

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Warren Olney