First they go up, and then they come down. The Economist has an interesting table on the housing bubble.
Those figures from the US just look outright scary. The result of the sub-prime mortgage and its consequent effects.
There is also an interesting article in the Economist on the effect that increasing home ownership in the US is having on the famed labour mobility in “The road not taken”
I enjoyed this statement having seen all of this type of speculative bubble popping previously.
Gone is the optimism of yesteryear. Book titles such as ‘Are You Missing the Real-Estate Boom? The Boom Will Not Bust and Why Property Values Will Continue to Climb Through the End of the Decade â€” And How to Profit From Them’ (2005) are destined for the annals of folly, next to asset-bubble classics such as ‘Dow 36,000’.
I’m sure there are a few classic tomes from New Zealand to add to the mix.