Thanks to low interest rates and other recent policies to support the real estate market, houses in this country are not especially cheap today, compared with incomes or rents. They're just no longer ridiculously expensive. Stocks were briefly inexpensive last spring, but they are now more expensive than they have been for most of the last 60 years, relative to corporate earnings.
So we should probably expect some more mini-busts -- some more Dubais, if you will -- in the near future.
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