Is the next housing bubble upon us? What is ahead ...

While many indicators suggest the housing market is on the road to recovery, some fear another bubble is already forming. Warren Buffett and Donald Trump started the stories a few months ago. DS News reported that half of all consumers fear another housing bubble is forming. Home values jumped over 12% this year. Deja Vu? Also, remember HAMP which was supposed to save homeowners from foreclosing? The numbers are startling, with 27% of HAMP modified homeowners already re-defaulting, and likely to continue to rise with stagnant job growth and rising interest rates. The government has also taken notice, and therefore, the Treasury has extended the HAMP application period for two years until December 31, 2015. If that doesn't tell you confidence is low, then consider this. Investor and homebuyer activity has dropped off from fears that prices are rising too fast, and with rising mortgage rates, it's also getting harder for people to qualify to buy the inventory. This seems like the perfect storm, and it's very possible that we're experiencing the next housing bubble, and if things continue as is, it's likely to pop. What do you think? Keep the faith ...