One of the speakers that addressed the crowd was an Economist named Alan Beaulieu.

According to NAR Chief Economist Lawrence Yun "The mix of rising interest rates has led to some uncertainty, but the continued economic growth has the commercial market on solid ground."  

It seems like most economists I have listened to and read do not believe that the current global debt load can support a dramatic increase in rates, and for that reason the Fed will not stress the current interest environment much further over the near term.

My concern/question is that my initial (inexperienced) market research has led me to believe the housing market in this particular area is quite overvalued and some economists have even stated it is looking very bubbly.

@Jason Ma many Quantitative Analyst conduct these studies in conjunction with economist, the problem you face are the limitless variables that can be used to skew the data to reflect what you want of what you don't want to see.You can go far down the rabbit hole on this topic, keep in mind that there are thousands of variables associated with wage growth.

The rising tides that were seen during the mid 2010s are long gone and we are nearing the peak of the economic cycle according to many economists. 

The economists seem to be predicting a bullish housing market going forward based on the numbers.

These are just my thoughts and I am by no means an economist so feel free to comment.  

Economists are optimistic the economy will bounce back in the latter half of 2020, growing at a rate of nearly 6% by the end of the year.The Good:April collections came in stronger than most expected.Multifamily as an asset class fared among the best in real estate during the last recessions.

New housing starts unexpectedly plunged more than economists projected in June as home builders grappled with the effects of rising interest rates curbing demand for new homes, according to data released Tuesday, adding to signs of an abrupt turnaround in the booming housing market.KEY FACTSThe number of housing starts, or ​​new houses on which construction has started, fell 2% to about 1.56 million last month despite average economic projections calling for an increase of 1.4%, the Census Bureau reported Tuesday.Building permits were slightly above expectations, coming in at less than 1.7 million, but fell from May and are down from about 1.8 million in April.In emailed comments after the release, LPL Financial chief economist Jeffrey Roach said housing starts declined because demand is “quickly drying up” from higher borrowing costs as the Federal Reserve raises interest rates, though he expects home building activity should hold up despite the grim outlook.Pantheon Macro chief economist Ian Shepherdson was less optimistic, pointing out single-family starts and permits both fell by 8% in their fourth consecutive month of declines and noting construction activity lags sales, which in turn lag mortgage applications.Mortgage applications have collapsed more than 25% this year, he adds, suggesting single-family housing construction "needs to fall by [another] 20% or so over the next few months” to be more in line with demand.The latest data comes one day after the National Association of Home Builders reported the second-worst single-month drop in home builder confidence on record, driven by ongoing production bottlenecks and high inflation that have pushed the cost beyond its market value in some cases.KEY BACKGROUNDHistorically high savings rates and government stimulus measures helped ignite a home buying frenzy during the pandemic, but signs of a slowdown have quickly emerged as the Fed embarks on its most aggressive interest rate hiking cycle in two decades to curb high inflation.