by Calculated Risk on 5/24/2005 03:28:00 PM

The head cheerleader for the housing market acknowledged the housing bubble today.

"Fifteen percent price appreciation is too much, even for me," David Lereah, chief economist at the National Association of Realtors, told CNBC's "Morning Call." "The real estate market is taking on a life of its own right now and we need to get a handle on it."

Also, Equity loans alarm experts:

"If we return to prudent lending standards, that'll be the death of this housing market," says Keith Gumbinger of loan analysts HSH of Pompton Plains, N.J.

I have nothing to add to those two statements!