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Unlike the housing bubble that popped in 2008, the pandemic housing boom isn’t underpinned by a frenzy of speculation, Moody’s Analytics chief economist Mark Zandi says. While home flipping has certainly ticked up during the pandemic, he says, we aren’t seeing the exuberance of the last bubble.

So is the coast clear? Well, not so fast. While Zandi won’t call this latest boom—which has sent U.S. home prices up 37% over the past two years—a bubble, his research finds that we’re once again amid a historically “overvalued” housing market.