I am completely baffled that prices in cities such as this are able to maintain their values. The two U.S. cities mentioned "bubbled" years ago yet it still keep going. I guess there is that much money out there considering the fact that these houses keep getting bought.
The average person fell further behind yet we see home prices going through the roof. It is hard to understand how it can be.
Like most bubbles, this one is credit induced and the fallout is bad. I would be curious to know what the amount of debt on London residential properties is, for example. How many billions are about to go bad.