Fed's Olson sees no housing 'bubble' in US

Federal Reserve Governor Mark Olson said on Tuesday 19 October that the United States does not have a house price "bubble" because the national market is too large.

"In order for there to be a true bubble, there has to be a single market," Olson said in response to a question following an address on banking at Widener University, adding that was not the case for the geographically diverse housing sector.

"There are clearly markets where the prices of housing has exceeded any economic rationale