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Jim Grant recently reported that housing usually accounts for 8-10% of GDP. Than is based on the period 1983 through 1998. Now it’s 17%, more than 3 SDs above the mean. What is the limit?
I don't know, but remember, you can only pay for housing with money earned somewhere else, so I would guess it's getting close right now.
My only current interest is I might like to re-mortgage my place, and put the money in the bank waiting for later opportunities, even though there would be a carry cost of a few % pa.
H
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Above all, humans are political animals.
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