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Eric Rosengren, the president of the Boston Fed, expressed concern over the housing market in an interview with the Financial Times, and it comes as data shows house prices soaring. The median price for an existing home sale skyrocketed 24% in May. Other house price measures also are surging.

Rosengren noted the financial stability concerns that come from boom-and-bust real estate cycles. In 2008, there was a global financial crisis as the housing market collapsed.