CNN Money has this breaking story. "The pace of home building soared to the highest level in nearly 33 years in January, according to a government report Thursday that showed a real estate market that continues to top expectations."

"The Census Bureau reported that housing starts reached an annual pace of 2.28 million homes in January, compared to just under a rate of 2 million homes in December. Economists forecast that housing starts would come in at an annual rate of 2.02 million in the month."

"Building permits came in at an annual pace of 2.22 million in January, compared with the 2.08 million pace in December. Permits were expected to edge down to a 2.07 million."

"The Commerce Department reported Thursday that building activity was up 14.5 percent last month when compared to December. The 14.5 percent rise in construction activity in January followed a 6.9 percent drop in December. Analysts had been expecting a rebound but the actual rise was far above their forecasts."

"For January, construction of single-family homes rose by 12.8 percent to an annual rate of 1.819 million units, an all-time high."

"Some economists have expressed concerns that once home sales start to slide, the big price gains could turn into sharp declines in prices in some areas, bursting the speculative bubble in much the same way that the stock market bubble burst in early 2000."

"Builders may also have stepped up construction to try to close agreements before buyers can back out, economist Chris Low said. 'There's a sense of urgency in construction,' Low said. 'If builders have approval for a project, they're going to try to move ahead as quickly as possible.'"

"Home order cancellations increased the first two months of KB Home's fiscal year and net orders for new homes are lower than a year earlier, the sixth-largest homebuilder by stock market value said in its annual report on Feb. 10. 'If the current trends do not improve, we may be required to moderate our revenue guidance,' KB Home said in the report."