Landed in trouble

Alan Greenspan’s admission that he might have made a mistake as head of the US Federal Reserve ranks as one of the world’s greatest understatements. What he and many others would not see is that self-regulating markets will not correct themselves and return to equilibrium. For current information, see official guidance. For current information, see official guidance.

In the past 200 years, regular cycles of boom and bust have ended with the implosion of land price bubbles, at about 18 yearly intervals.

In modern times, the cycle intensified as homes became commoditised as speculative investments, used as self-replenishing credit cards.