I am bearish on the US housing cycle in the normal boring way, rates up activity down, not the 06-08 way. Price-rent ratios are understandable for trigging thoughts of 08…
…but you need the massive gearing, & low credit quality stories to go along with it, and they aren’t there.
And I am broadly convinced there aren’t enough homes. That “new one month supply” thing does look quite worrying, but the general “way way less as a % of GDP than before” bit dominates. It’s just a normal cycle, and they are bad enough, w/o catastrophising.
Now Australia, on the other hand!
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