House prices through the ages

Lots of stories about house prices as usual.  The New York Times as a very good item about Shiller’s latest warning on house prices.  Be Warned: Mr. Bubble's Worried Again - New York Times  The big interest here is that he has a new series of US house prices that takes an index of prices of one set of houses through the last 400 years.  The figures show that prices are mean-reverting.  Excessive price gains lead to new developments in new areas.  However, the last several years have been an exception that shows bubble-like qualities.  Shiller’s work is based on an unpublished paper by Professor Piet Eichholtz of the University of Amsterdam who recorded house prices along the Herengracht from 1628 to 1973. More in this article from Australia -   Don't bet on your house.  The graph of Us house prices produced by Shiller is here US house prices.