CHART OF THE DAY: The US Housing Bust Looks Like Japan's

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Robert Shiller recently warned homeowners that it could be a long time before the housing market turned up again, noting that Japan’s housing bust took place over 15 years. That seems hard to fathom here, especially considering everything the government’s doing to re-inflate the market. But there are certainly similarities. This chart, via the Pragmatic Capitalist, overlays the 10 city Case-Shiller index with Japanese condo prices, when they had their boom. As you can see, the cycle has an eerily familiar look and feel.

chart, us and japan housing busts

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