One thing to take into consideration is the Economist deals with , not just the US Economey, but the world. A lot of articles in the recent past have been on the "RE bubble" in Europe, especialy Spain, where the price increases pale in comparison to the US.
THe Efficient Frontier in their Spring "blast", has an article about "Why you can't buy a house in San Fran". .. to sum it up , most folks sign up to the max on a 30 year mortgage. In high wage areas, you get the appearance of a "bubble". ..but the wage structure supports it. Trouble is the article uses only the 30 year mortgage stats and not the "new" interest rate only Mortgage that most are leaning to these days.
Going to be an interesting few years coming up. Mid term elections, Supreme Court nominations, and world politics, and events beyond the pay grade of most US politictians. (but not above the pay grade of the Lobbyist) Never mind the mind numbed electorite, thats up at 6 AM, .. hopefully home by 7pm from work, only to get up and do it agian.
Yes I'm jaded .. sorry for the rant. :  ..C24
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