Catch the Inflation-Adjusted Real Estate Bubble Case-Shiller Price Index Charts for New York, Los Angeles, Chicago and 17 other cities HERE!
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Excellent work John. Independent analysts like yourself add immense credibility to this observation that the housing market has bubbled, especially in California.
My favorite bubbles are the ones that grow organically, like the bubbles that arise s l o w l y and naturally in a nice sourdough fermentation — and then the baker uses labor to make a nutritious bread for the family home.
My least favorite bubbles are the artificial ones — fast acting yeast infused with mechanical processes may taste yummy, but in the end, it doesn’t break down the compounds that end up in the gut. So the eater of the bread must continue to invest his own energy/labor to break down what he swallowed too soon.
Watching the “Air” episode on the series “Cooked” (by Michael Pollan) helped me think of the analogy: https://www.youtube.com/watch?v=epMAq5WYJk4