One way of looking at the value of a house is to compare the price to what the house would fetch if it rented out. The red line above is the US market since 1997. An obvious bubble. but look at Ireland, the UK, and Spain. Much worse... and unlike the US they are farther away from a full correction.I love the solid dotted line across the bottom. That would be the Germans. My people are proving once again that we live in our own world.
This comes courtesy of a guest writer on Andrew Sullivan's blog which lifted this story from here.
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