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'the Great Demandless House Price Recovery' Mark Hanson (Via Zero Hedge)

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Discussing us housing bubble but well written and if anything worse over here...

"If 2006 was a known bubble with housing prices at X, affordability never better, easy availability of credit, unemployment in the 4%s, total workforce at record highs, and growing wages, then what do you call today with house prices at X+ 5% to 20%, worse affordability and credit, higher unemployment, weakening total workforce, and shrinking wages? Whatever you call it, its a greater thing than X."

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Funnily enough, I was discussing this with a mate the other day in the USA. He was sniffing around the numbers for buying (he rents) and they just do not add up. By renting, he is effectively getting to live in a house that would cost the same in monthly terms under a mortgage BUT he still has his deposit fund earning interest elsewhere and has no negative equity risk.

Might not be the same in all US cities, of course, but it's interesting that they are still 'overvalued' in some parts even after the crash.

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