Editor's note: The housing bubble debate has grown louder in recent weeks. Rather than add to the mix of confusing stories that attempt to decide who's right and who's wrong, this four-part series takes a closer at look at the numbers, what's happening in specific markets and how the media is relaying the message. (See Part 1: Making sense of a changing housing market, Part 3: Some real estate markets are cooling and Part 4: Media caught in real estate bubble fray.) Never has there been so much confusion about predicting the future of the housing market. For certain, the experts can't even agree. On the one hand, you have numbers from the real estate industry that show the market is as hot as ever. Housing sales continue to set records, mortgage delinquencies and foreclosure invento...
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