The Rise of the Housing Market in the 2000s

In the 2000s, we had these price run ups in countries like Australia, the UK, US, Ireland, Spain and South African. What was going on? Well, I think there was a lot of speculative frenzy there - fueled by very abundant credit. It seems to be far easier to get credit to buy a house and even to speculate in housing than other assets. In that list of countries I mentioned, one of them is particularly interesting, and that's South Africa,. Their price is stabilized. Do you know what happened there?