Raines says housing bubble won't burst (Obama housing advisor in 2003)

With home prices in the District up almost 78 percent in the past five years, there is growing concern there is a housing bubble that is about to burst - both locally and nationwide. Fannie Mae CEO Frank Raines, however, is dispelling those concerns. In an interview with Bloomberg News, Raines, a former budget director in the Clinton administration, says the housing rally won't end like the stock market did three years ago. "We do not see any sign of a housing price decline nationwide, let alone the bursting of a bubble," Raines is quoted as saying.

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