Here’s an interesting YouTube video, U.S. home prices plotted on a roller coaster program. Be sure to put one eye on the lower right-hand corner, because the corresponding year flashes there. (yes, MOL behind where it says, “YouTube.” Oops.).
Keep in mind this ‘coaster was built last April. Housing inventory is still growing, prices still falling. Welcome to the conclusion of a dream world where, since the 1980s, “investment,” “speculation” and even “gambling” have come to mean the same thing; and where the cure for market ills has been to lower interest rates to prevent us from feeling pain. Trouble is, gangrene is now the source of the pain.