A quick footnote to Brian Lucey's post on house prices:
I often hear people referring to 'historical averages' as price equilibrium indicators. Hmmm... historical and histrionic - here's a snapshot from The Economist data plot:
That pretty much does the trick for anyone still saying we have crossed some sort of the long term equilibrium level...
I often hear people referring to 'historical averages' as price equilibrium indicators. Hmmm... historical and histrionic - here's a snapshot from The Economist data plot:
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