massive unwinding of 20 years of near 0% lending and borrowing costs. that led to a huge overinvestment in real estate by individual and institutional investors. The massive increase in price we're seeing now is a combination of American demands for a luxury product (imagine a house without central air these days, granite counters or a garage?) as a bare minimum coupled with the upside down rental/purchase markets. We're literally paying the bill for decades of low cost housing."

Maybe I need to think about what you are saying more.