One hell of a roller coaster ride we're about to experience
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Shiller won't say it, but it sure looks like the long-term norm (ignoring the Great Depression) on that scale is around 110-115. With prices now indexed at 200, that could mean a drop of 45% or so in home prices if we return to the historic norm.
Fasten your seat belts and hold on tight folks. The roller coaster has breached the top and is just about to plummet to the ground.
For years, Paul Krugman has claimed that our entire economy these days is based on the real estate bubble. When the bubble bursts, what's left?
Shiller won't say it, but it sure looks like the long-term norm (ignoring the Great Depression) on that scale is around 110-115. With prices now indexed at 200, that could mean a drop of 45% or so in home prices if we return to the historic norm.Fasten your seat belts and hold on tight folks. The roller coaster has breached the top and is just about to plummet to the ground.
For years, Paul Krugman has claimed that our entire economy these days is based on the real estate bubble. When the bubble bursts, what's left?
posted by walldon | 9:26 AM
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