Keen Thinking About House Prices

What REALLY causes house prices to rise? After debunking the standard "population growth" argument, I show that the real motive force for rising house prices is accelerating mortgage debt: for house prices to rise, mortgage debt must not merely increase, but increase more rapidly over time. That requires ever rising mortgage debt compared to income, which of course is impossible. That's why house price bubbles always burst, and the Australian bubble is finally bursting now.