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Gee YM, your sources are usually a bit better than that. Did the US have an undersupply, and then build too much to end up with an oversupply? It's that pendulum thing. I don't know, just speculating.

Yield Matters, Hired Goon, where are you? This thread is begging for your input. I'm a pretty simple bloke and reduce most things to the supply/demand equation. Markets periodically go berserk. Toward the end of a boom, demand ramps up and people (investors and owner occupiers) seem to...