Interest rates also need to be included in the mix. Private debt is high, but Government debt isn't compared with many historical times, including current US gov debt.
Chart wise, 8 cities seem to be in an expanding ascending wedge, res line is +20% from current value.
Long term, real price index will revert to the mean, might take while yet. Commodity boom seems to have a good tail.
30 to 50% down in australia, page-170
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