This Housing Bubble Has No Precedent

The people at Elliott Wave International are talking about real estate a lot these days. The chart on todays Features Article is helpful in putting the housing bubble in perspective.

"You can see that 50% swings in stock values are clearly not uncommon, whereas swings that large in home values have no precedent, especially in the post WWII period. No precedent, that is, until the past year or two. If anything the gains in home values are MORE striking." The chart is attributed to Prof. Robert Shiller of Yale.