-> I speculate that house prices has increased mainly due to credit expansion. This is probably true, but not everywhere. There are still many places where th

-> I speculate that house prices has increased mainly due to credit expansion. This is probably true, but not everywhere. There are still many places where the cost to build a replacement home (cost of labor and materials) is higher than the price of an existing house+land. Some societies try to solve this problem by forcing people to move.