…. from banks’ “long, ugly list of house price precedents”?

Another fine piece from Philip Soos, which leaves Australian house price bubble-deniers nowhere to go except for the fanciful “under-supply” argument used in Southern California just before its bubble burst (and the argument demolished here).

Economists who manfully try to analyse real estate bubbles only in terms of supply and demand will always be found wanting.

Well done, Philip Soos!