The L.A. housing bubble: a snapshot in time
Calculated Risk, the reliably insightful economics blog, posted the above chart today as part of its coverage of the Harvard Joint Center for Housing Studies report. It's not up to date -- as you can see it does not include 2007 and 2008 data; but it's a powerful illustration of why the Los Angeles housing market really is different. What happened here did not happen in most of America. What happens next? That's why the blog publishes comments.
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Hat Tip: Uncle Billy Reads Calculated Risk.