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Housing is overvalued because the interest rates are very low compared to what you can see historically. A lot of people are expecting a serious credit crunch in the next few (max. 10) years which mean that housing prices will decrease significantly compared to the current prices.

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And then we can tell our kids about the great crash of XXXX, in the same manner as we were told by our parents.

Some things are cyclic and out span most people's memory/life.

Luckily, humanity learns from its mistakes, and people write down what happened in history, so we don't need to worry about where we are going.

Writing things down is nice, but is sadly inadequate unless enough people later read what was written, and in a timely fashion, and the act on it. Otherwise you just have what we’ve dealt with for millennia, a record of history repeating itself.

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