The surprising fact revealed by the chart is that the 'real' house price boom happened between 1996 and 2001 when prices went from about 190 to 450 ounces of gold. During the 2000's prices were relatively stable !
The wealth that people thought they were getting via the boom in nominal dollar prices during the 2000s was all an illusion ! People really were getting richer in the 90s but the .com crash ended the boom and ever since massive government spending and ultra low interest rates have been needed to keep up the facade of growth and wealth creation.
Nominal dollar increases in asset prices ARE NOT wealth creating. You haven't made any money until you sell your asset (house, shares etc ...) and converted the 'profit' into gold. Increases in real(priced in gold) asset prices can make you rich. Nominal price increases due to inflation make you poor. Everyone in Zimbabwe is a millionaire !
[click for full image]
[click for full image]
http://www.prisonplanet.com/when-housing-is-priced-in-gold.html
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