Interesting stats for sure, though I am not sure I am buying the bubble argument. Skahen uses relatively high June price numbers – a high point annually in the real estate market – to make his point.
But the comparison is with full-year numbers for 2008. That’s not quite an apples-to-apples comparison. Full-year price numbers are always lower, and as we know now, the world economy came close to collapse in the fall of 2008.
Still, an interesting take for sure.