Fed's Gramlich plays down talk of housing 'bubble'

Federal Reserve Governor Edward Gramlich said on Wednesday that high U.S. housing prices did not necessarily signal a "bubble" but might just reflect scarcity of available land for building.

Taking part in a panel session on low-income housing at the Center for Economic and Policy research, Gramlich suggested a scarcity of building sites also was a primary driving force behind housing prices.

"It's certainly possible it's a bubble (but) it's also possible for various reasons that the relative

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