Phoenix Phenomenon: Why Real Estate Everywhere Will Eventually Drop Over 50%

Seeking Alpha reports:

During 2005-2006, we experienced a housing bubble in the United States which was accompanied by valuations in many regions trading at more than twice their normal historic levels. Today, we have similar housing bubbles in many countries with prices that are at twice or thrice their typical valuations relative to rents, incomes, and most other standard-of-living benchmarks.