Verified answer

There is no way anyone can look at siding materials and tell if it contains asbestos. the only way to find out is to take a core sample and send it off to a lab.

Asbestos only becomes a problem when it becomes friable (power of crumbles under light pressure) and is inhaled. prolonged exposure to friable asbestos may or may not cause Cancer.

I would take a sample in a few spots, on different sides and send them off even if you don't reside just so you will know. If you do decide to reside then pounding nails, drilling or even removing the siding will make it friable.

http://www.scapca.org/documents/sidinghowtomanual....

You'll be able to tell if your home has asbestos within a couple decades of moving in. The clear indication will be that everyone living in the house has lung cancer.

Seriously, make sure that you're as free of asbestos as you can be.