No bubble? At least one BoH economist thinks so

One Bank of Hawaii economist thinks that there is no bubble:

"But it's a serious problem in a state that has essentially a lower-paying service economy when housing costs this much."

Eh, no worries. If you're a bellhop making $10/hour, you can just get a no-interest loan! Don't get left behind!

Bank of Hawaii Economist Paul Brewbaker also has predicted that housing prices will not collapse in the manner of the 1990s bubble and will probably rise more. And Harvey Shapiro, the economist for the Honolulu Board of Realtors, feels the same way.

"We expect somewhat lower sales in 2006 but a continuing pattern of price increases," Shapiro said. "Even with fewer sales, the level of activity will remain near record levels. Prices will grow approximately 10 percent to 15 percent."

Think prices will continue to rise in 2006 and beyond?