Cycles are clearly shown in the chart. They do not have to be consistent in gap as no economic business cycles present that way. Of course, these numbers are ag

Cycles are clearly shown in the chart. They do not have to be consistent in gap as no economic business cycles present that way. Of course, these numbers are aggregate across all housing in 2 countries so the cycles are muted versus local min/max demonstrated in specific metro areas. Even small swings from 5 to 4 demonstrate a 25% swing in aggregate housing prices, which is still significant. The whipsawing recently since 2000 represent two swings of around 75% in aggregate housing prices relative to incomes.