Consider the following commentary also written by the blogs author:
The simple fact of the matter is that real estate assets as a percentage of GDP have got a long way to come down before they're even remotely in line with historical norms (it recently touched 153% of GDP, signalling an even larger bubble than the stock market had been). The deflationary environment in the housing market, I fear, is going to be around for quite some time. There is simply no painless way to undo what has been done. The Fed can help, but nature must take its course.
That will get you thinking, won't it?
