Commodity, Currency, Gold, and Equity Market Analysis by Dr. Christian Normann        Please note: the optimal screen resolution for this page is 1600 x 1200 (UXGA Info) or 1920 x 1080 (1080p Info).  If your screen resolution cannot be adjusted to at least 1600 pixels wide through your operating system display settings, you may need to scroll a bit to the right in order to see the most recent chart action.  We apologize for any inconvenience, but believe it is outweighed by the ability to clearly see - in a single chart - several years of market history and important long-term support/resistance levels (that can significantly affect traders in all time-frames). Real Estate Comment Based on Closing Prices, Friday August 11th 2006    Nationwide house prices may not have started to fall yet, but they have turned down in places like California.  The homebuilders topped out July 2005 and broke down in May this year (See 2006 05 12 Real Estate Comment).  So far, the homebuilding stocks are down about 50% from the high, and they are likely leading to the downside, with real-estate prices soon to follow.  Looking at the chart (below the Gravity Lesson) of inflation adjusted house prices, it is clear that the past 8-9 years represent a level of housing mania not seen in at least the past 116 years.  Based on other data, it is quite clear this has been by far the largest housing bubble in world history. If anyone thinks this housing bubble was limited to the United States, take a look at the bottom chart (which is rather typical of the madness seen around the world in recent years).  This bubble went global, and it is the first time there has ever been a truly coordinated global bubble in housing.  The economic and financial fallout should be unprecedented and very severe.

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