User:Nick Gardner /Sandbox
Beginning in 1997, the U.S. witnessed house price appreciation that was highly unusual in historical terms. Between 1997 and 2006, real home prices increased by nearly 85 percent.1 Sustained price increases near this magnitude have only been observed once during the twentieth century, in the period immediately after World War II2 (See Figure 1). In fact, during the period 2001 through 2005, the annual rate of house price appreciation accelerated. The S&P/Case-Shiller® Home Price Index shows annual price appreciation rising from slightly over eight and one-half percent in 2001 to more than 15 percent in 2005.
http://jec.senate.gov/archive/Documents/Reports/10.25.07OctoberSubprimeReport.pdf JEC Oct 2007
Thttp://www.fsa.gov.uk/pubs/other/turner_review.pdf The Turner Review A regulatory response to the global banking crisis March 2009 FSA real interest rate allowed the “US to continue on this low-interest, high-liquidity asset boom”.9