Yellen, Janet

Is [housing] a bubble?  Nobody ever knows for sure until one pops.  I wouldn't rule out the possibility that there's a bubble and we could have house price declines ahead.  If you look at the past history of housing prices, it's rare to see very rapid declines in house prices...I wouldn't expect house prices to increase as rapidly as they have in the last couple years.  I would expect a more normal period of moderate house price appreciation.