I'm very stodgy. I'm always looking at old photos of California and Los Angeles, knowing that what I'm looking at is now full of houses. There used to be vacant lots in Los Angeles, now all taken up by three-storey boxes - it's all getting infilled.
There is a big problem. The problem is the country borrowed too much. We went on a borrowing binge, there was a housing boom. You want to help people de-leverage and deal with those debts over time.
Most of America never noticed, but the 1990s were good times for trailer homes, a.k.a. manufactured housing. From 1991 to 1998, annual sales of manufactured homes more than doubled, to 374,000 from 174,000.
Following an extended boom in housing, the demand for homes began to weaken in mid-2005. By the middle of 2006, sales of both new and existing homes had fallen about 15 percent below their peak levels. Homebuilders responded to the fall in demand by sharply curtailing construction.
Housing has led our nation's economic expansion over the past few years, accounting for 16 percent of our Gross Domestic Product. New housing starts and home sales hit record levels from 2003 through 2005.
A funny thing happens in real estate. When it comes back, it comes back up like gangbusters.
The housing market has bottomed. It's not too late to get involved.
The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.
Land values are going up a lot in Sydney, but it's feasible to build because prices are going up, too.
By laying the groundwork for a system centered on home ownership rather than the public housing popular in Europe, the New Deal made possible the great postwar housing boom that populated the Sun Belt and boosted millions of Americans into the middle class, where, ironically, they often became Republicans.
