I'm not sure how much this matters, but U.S. houses during the boom did not look so expensive from a European perspective. To make the chart below, I took the Case-Shiller composite 20 and made two conversions: one to US-inflation-adjusted US dollars (that is, divide the Case-Shiller by the PCE deflator) and the second to Euro-inflation-adjusted Europs (that is, multiply the Case-Shiller by Euro exchange rate and then divide by the EURO HICP -- the consumer price index for the Euro area).
added: here's a Canadian (inflation-unadjusted?) perspective.
added: here's a Canadian (inflation-unadjusted?) perspective.
and others has been to (a) think of a "demand" for employer-sponsored insurance policy (hereafter, ESI) and (b) look at the traditional understanding of that. bubblegum casting
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