Look at the YoY growth in the all-transactions index from FHFA for US house prices compared to the St Louis Fed Financial Stress Index.
When the financial stress index is low (less than zero), we see BIG home price bubbles.
Of course, home price bubbles occur when YoY changes in home prices outpace household earnings growth YoY.
If Don Ho were still alive, he could redo tiny bubbles as BIG bubbles.
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