While most economists concur that the U.S. housing market is finally clawing back from a deep downturn, at least one banking expert is not prepared to throw confetti just yet. Home sales and values have ticked up, but former Federal Deposit Insurance Corp. head Sheila Bair warned that the sector is still shaky and that more data is needed before characterizing recent conditions as a true recovery. Bair, who reigned at the FDIC during the massive housing crisis, pointed out at a recent economic summit that lenders may be harboring "hidden inventory," or huge volumes of foreclosed properties that could be dumped on the market at any time. The home price gains that have been seen recently, she said, subsequently would be erased. Prices also might be forced down, she added, by the millions of overleveraged homeowners whose mortgage balance exceeds the value of their home. As soon as they can sell at prices that allow them to pay off their old loans, they will flood the market -- holding prices down as a result. Lastly, Bair believes that despite its good intentions, the Federal Reserve's low interest rate policy has backfired. "We are not getting new lending and new jobs out of this," she explained. What we do have is the "risks of asset bubbles developing."