Oh, You Mean the
One That's Bigger Than the 2007 Bubble?
 |
By Charles Hugh Smith
The Wilshire REIT (real estate investment trusts)
index sums up the current real estate market in one image:
it’s painfully obvious that real
estate valuations are once again at asset-bubble extremes, one that’s even
bigger than the last RE bubble that popped in 2008 with devastating
consequences to the global economy.
Defenders of current real estate
valuations can draw upon an array of justifications, but they boil down to the
same one used to justify valuations in every asset bubble: this time it’s
different.
Is there
anything in this chart that suggests this belief might be misplaced, for
example, that credit/asset bubbles burst with a rough time/amplitude symmetry?
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