Housing market is healthy, says Chicago Fed.

Here's a good (dry) read from the Federal Reserve Bank of Chicago's Economic Perspectives quarterly journal regarding the current state of the housing market. It's a 16-page read that really is fairly bullish about the housing market.

If it's a bit too meaty for you to read, skip to the conclusions on it's last page. Bottom line, the study specifically dispels the idea of a "housing bubble" and points to sound economic fundamentals having driven the so-called housing boom of the last five years. They make specific mention of the various innovative mortgage products as key drivers of the market.

It's nice to hear the occasional positive plug about so-called non-traditional mortgage products. One hears so much negativity about the interest-only, no-money-down, no-credit check products that the exceptions tend to overshadow the great access which these products have provided to persons previously not eligible for home ownership.