Maybe that explains why England has a housing bubble, too.
I don’t want to start any religion wars here. I don’t even go to church, and I hate going to church, but I want to be open to all possibilities. It makes sense that more materialistic societies spend more home equity and take on more debt, causing a housing bubble. Communities which value family and connections and don’t compare their material wealth, don’t create housing bubbles. John Talbott mentioned something like that in his book. He said Midwesterners are more grounded and conservative so they don’t have housing bubbbles there.
Full disclosure: shares in IBG (I believe in God).