It is probably a fact that the real estate market cannot continue its torrid pace, but for now, the market is showing few signs of relenting any time soon.

While the Oracle of Omaha, Warren Buffet, told CNBC yesterday that he was getting worried about real estate, he didn't predict a crash, only that those financing home purchases with Interest-only homes could get burned.

The facts, ultimately, are still pretty clear. Existing home sales in May were at the second highest level ever recorded, and 30-year fixed rates averaged 5.57%, compared to last year's 6.25%.

"Given that mortgage rates aren't expected to move in either direction any time soon. We fully expect the housing market will continue to thrive well into the foreseeable future," stated Freddie Mac vice president and chief economist, Frank Nothaft.

Whether there is a bubble or not, a bursting of the bubble does not appear to be in the foreseeable future - barring some major catastrophe or huge loss of jobs.