It seems that whenever pundits, experts or commentators are asked about whether there is a housing bubble, the answer is given short shrift and invariably contains one of two phrases:

The housing market has a solid foundation

[[RISMedia]](http://www.rismedia.com/index.php/article/articleview/11740/1/1/)[[The Real Deal]](http://www.therealdeal.net/issues/SEPTEMBER_2005/1125419264.php)[[Newswire]](http://www.newswire.ca/en/releases/archive/April2005/27/c0755.html)[[Vermont Guardian]](http://www.vermontguardian.com/local/0904/HomePrices.shtml)
cynderblocks1

The housing market has a stong fundamentals

[[Bloomberg]](http://quote.bloomberg.com/apps/news?pid=10000006&sid=agkeb7H.i72M&refer=home)[[Originator Times]](http://originatortimes.com/content/templates/standard.aspx?articleid=1462&zoneid=5)[[Pittsburgh Tribune-Review]](http://pittsburghlive.com/x/tribune-review/trib/newssummary/s_364567.html)
cynderblocks2

These or similar phrases are taken at face value, yet little discussion time is spent on what actually constitutes a solid foundation or strong fundamentals for the housing market. Maybe its really not that complicated after all.