Courtesy of Goldman Sachs.
Yes, you begin there towards the middle, January 2004, and follow the boom up, and then back down as the housing market began to fade, move left towards the first signs of the coming subprime implosion, left again to the full-on Credit Crunch 2008/09/10, then up and right, slowly, to where we are reckoned to be today: on the cusp of a recover in US housing.
With the above, Dominic Wilson and colleagues at Goldman have been trying to work out the effect of the housing cycle on asset prices. More in the usual place.
Wilson and co have also looked at 11 other housing markets, but trying to put them all into one swirlogram would be silly, wouldn’t it?
So here’s a table instead…