Antonio CarlosRuotolo, who conducts a survey on property prices in the city said “There is still no sign of property prices settling, evenas increases have been notable. Although the trend should be for a deceleration in pricegains in the mid- to long-term, the numbers still don’t showthat. A strong job market and rising household income have givenmore Brazilians a chance to buy new homes“
Our take on these news: yes, “this time is different”. What “numbers” is this guy looking at? Please allow us to refresh your memory with this 2006 Ben Bernanke interview transcript:
BERNANKE: “Well, unquestionably, housing prices are up quite a bit; I think it’s important to note that fundamentals are also very strong. We’ve got a growing economy, jobs, incomes. We’ve got very low mortgage rates. We’ve got demographics supporting housing growth. We’ve got restricted supply in some places. So it’s certainly understandable that prices would go up some. I don’t know whether prices are exactly where they should be, but I think it’s fair to say that much of what’s happened is supported by the strength of the economy.