There used to be an argument, back in 2005 when people besides Dean Baker started noticing a housing bubble, that real estate hyperinflation "deflates", rather than collapses, largely by stagnating and being devalued by inflation. Two nominal percent a month is probably far into collapse territory, but I think the assumptions of that discussion might need to be re-assessed if we're bulldozing it and starting over, like in this development in California:
Yee haw.
:: posted by buermann @ 2009-04-30 20:19:03 CST |
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