> House prices were bounded by wages and were understood to be depreciating assets The first part is still true. The thing is that it's bounded by a smaller an

> House prices were bounded by wages and were understood to be depreciating assets The first part is still true. The thing is that it's bounded by a smaller and smaller percentage wages, and it's always the highest wages that determine this. Housing prices being bound by seller capacity to pay means that there are not enough houses. If housing prices were determined by the cost of the houses, then we would have finally reached the point where there is adequate supply b