housing prices head down, page-70

Steve,

Again, the question I've posed to you on threads just like this one over the past 48 hours goes like this:

"WHY IS THE CONCLUSION THAT PROPERTY IS OVERVALUED NOW?
WHY WAS PROPERTY NOT SIMPLY UNDERVALUED IN THE PAST?"

Yet you keep sidestepping it.

In the hope of salvaging some shreds of credibility, care to give it a go?

(PS. Given the structural changes in funding costs, the answer doesn't lie in conventional house-prices-to-wages
series.)