Thanks to ML for this photo that shows graphically what is obvious to anyone paying attention – we have had a “slight” bubble in the real estate markets over the last coupla years.

The font is too small to read so let me translate: greatest bubble in the past – scaled to 125%. Today – scaled to 200%.

Let’s just say I am not being paranoid (for once) when I say this will take a little while to come back to reality.