Looking through some old magazines. Foresight isn’t 20/20.

We do have characteristics of [housing-price] bubbles in certain areas but not, as best I can judge, nationwide. I don’t expect that we will run into anything resembling a collapsing bubble. –Fed chairman Alan Greenspan, February 2005

I think prices are going to moderate, but I don’t believe there is a bubble. I think there are some locally stressed conditions. Housing as a whole does not bubble like stocks do.
–Economist John Tuccillo, March 2005

The story is that when you look at the economy as a whole — jobs, unemployment, housing — there is not a price bubble currently across the country … For the housing market as a whole, there is no bubble. –Michael S. Miller, chairman of DePaul University’s Department of Economics, March 2005