A few points – I don’t believe any president Dem or Republican could openly say, “yeah, prices need to drop considerably more to bring things into alignment”. Would be political suicide.
On the chart – maybe I’m missing something, but does the chart Glen presents indicate that back in 1890, the typical cost of a home, or the average cost of all homes, is something like a “round $100K ?”. Seems to be on the way high side. In 1940’s my grandparents purchased a home for about $17K. My parents purchased a home in the 50’s for about $30K. Would need to know what he mean’s by the $100K line…
Would like to find out more about Glen’s numbers to better understand them.
Overall, I understand his point – homes are highly inflated in priced. They need to drop in value to reach sustainability.
And, overall, the question is – when can we rely on our elected officials to be totally honest with us? Under “normal” circumstances we may have to wait a while. But, in this environment they may need to come clean sooner than you think. But, unfortunately, not quite yet.
