We haven't talked about real estate and property prices much lately, but I think that the following essay will be of interest to anyone who holds even a passing interest in the recent property boom and bust cycle.
In, "A Brief, Superficial, and Arbitrary History of Property-Price Collapses", Fred Sheehan discusses the manner by which the most recent national housing boom (bubble?) was consistently mischaracterized by economists, academics, and local and national interests.
Is now "a great time to buy and sell a house", as the National Association of Realtors trumpeted in a recent ad campaign?
Sheehan deftly responds to this claim and considers the possible fallout arising from the current boom, with a few historical comparisons along the way.
I think he accomplishes quite a lot in this brief, to-the-point missive (link to this PDF file courtesy of Gloomboomdoom.com). Have a look.