This could be the trigger for the next crash. I recently saw a “bubble” post that attracted +600 posts so the bubble noise is getting louder. When prices relative to perceived value get so seriously out of whack, it trumps all stats. It will be interesting to see what tips the apple cart, and how the crash plays out. For example, how will lenders be effected this time, and will there be bailouts again. It will also be interesting to see whether a crash follows in other high end markets, or the RE market as a whole. This is all the evidence anyone needs that prices are so ‘stupidly’ high that you have to be a complete moron to be paying them. It, of course, plays into the hands of the vultures who largely hope and prey for the big event. This could also be good for buyers who show patience and wait.
