Need some advice about where housing is going? Ask the experts -- but don't be surprised if you get very different perspectives. Two senior economists argued over the home-building outlook, on "Power Lunch."
Richard Iley, senior North American economist at BNP Paribas, sees "no evidence whatsoever" that the fundamental supply/demand imbalance is being worked off by the market. He warned of a "major problem" with overbuilding, calling for an annual equilibrium number for housing starts at about 1.5 million -- but says actual annualized completions are running at 1.7 million.