A survey of lenders reveals that the housing bubble may not be a myth after all.

Two out of three lenders surveyed by Phoenix Management believe that there is a housing bubble, and half of those people indicated that the bubble is already bursting. Last year, 46% of lenders believed a housing bubble existed.

Greater than 90% of respondents expect home-price depreciation of at least 10% nationwide in 2006. The Northeast and West Coast are the areas most likely to suffer from lower house prices.