Column - David Watts

According to the Yale economist, Robert Schiller, the US housing bubble - which is in the middle of bursting - is the first nationwide boom in residential property prices that the country has ever experienced. There have been many pockets of explosive growth in US house prices before - property values in New York, California and Boston all shot up in the 1980s - but until 2000, we had never experienced a nationwide rise.

The reason it has happened now is that everyone has been able to borrow mone

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