Elliott Wave Courses | by ForexCycle.com | Thursday, 23 July 2015 02:39 UTC
By Elliott Wave International
Editor's note: You'll find a text version of this story below the video.
During the subprime mortgage meltdown, the hardest-hit regions saw home price declines that exceeded 50%.
Fast forward to the headlines today:
The list could go on.
The just-published July Elliott Wave Financial Forecast calls attention to the Australian housing market.
[Australian] household debt as a percentage of income stretched to 155% in the first quarter of 2015, its highest level ever.
Economists Lindsay David and Philip Soos forecast an eventual crash:
"A bloodbath in the [Australian] housing market appears a near certainty... ."
In the U.S., the median price of homes sold in May was $228,700. That's just shy of the median home price of $230,400 registered in July 2006 at the top of the previous housing boom.
Even so, the chief economist for the National Association of Realtors recently made this claim on CNBC:
"This is clearly not a bubble."
We beg to differ.
The June Elliott Wave Theorist published this chart [wave labels available to subscribers] and commentary:
We think this is just the tip of the iceberg.
If you want to see more signs of the forthcoming bubble, give this new free report a read: A Bubble in Trouble.
In part one of this three-part report, you'll see eight unprecedented extremes (with supporting charts) that indicate a stock market bubble.
You'll get instant-access to all three parts when you sign up to join Club EWI, the world's largest Elliott wave community -- and it's free!
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