Perhaps real estate wasn’t as obviously overvalued in 2006 as proponents of the bubble have claimed. Greg Ip writes in the Wall Street Journal:
“After plunging in the aftermath of Britain’s vote to leave the European Union, U.S. stocks have hit fresh highs. Real estate is quietly doing the same: home prices are just 2% below the peak hit in 2007, while commercial property values have hit records. The result is that net wealth in the U.S. now tops 500% of national income. Ominously, net wealth has reached that level only twice before: from 1999 to 2000 during the Nasdaq bubble, and 2004 to 2008 during the housing boom… “
