Editor's note: The Washington, D.C.-based Center for Economic and Policy Research is sponsoring an essay contest on "Why there is no housing bubble." The winner will win $1,000. Send a copy of your entry to email@example.com, and we will publish a selection of the entries on Inman News. Here is one entry: There's an underlying tension in the air and isn't because of Department of Homeland Security's increase in its alert color from Yellow to Orange. There's a frenzy that's feeding the real estate market and that has a lot of people talking and speculating. Sorry to say this "bubble" is very real, but no matter how loud educated policy pontificators say it, this "bubble" won't POP! What is feeding this frenzy in real estate? Two major trends have given fuel to the fire that won't die...
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