In our last post we provided a brief history of the changes to the mortgage rules over the past 13 years.
The moral of the post being that houses haven't risen in value the past decade... access to credit has been increased and THAT has driven up the value of houses.
Some say it was in 2003 (average price $400,000), others will argue it was in the mid-1990's when interest rates started to be dropped to 'stimulate' the economy (average price $300,000).
For those who haven't seen it before... an excellent primer on asset bubbles by Chris Martenson.
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