August 23, 2007
Why Housing Will Retrace to 1997 Prices
To get started, let’s stipulate that the Great Housing Boom of the past decade was not a housing boom–it was a speculative debt-fueled bubble which happened to occur in the asset class known as real estate. As a speculative bubble, it shares the same characteristics as other speculative manias in tulips, stocks, toilet paper, etc.
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