The scandal

There may be earlier emails from me on the housing crisis, but this is another one from 2004 to a newspaper.  It was never published.  I remember being worried/puzzled in 2001 already, but then I was travelling too much to think too long and hard about it.  Of course, again the answer to my own question is easy in retrospect.

Yes – the housing crisis was and still is a political scandal of the most enormous proportions.



Has anyone got a good answer why housing is the only product that seems to be getting more expensive every day?  Cars, electronics, food, healthcare, holidays, entertainment, etc.,etc.,etc. are all getting cheaper every year, often both in nominal and in real terms.  Only housing seems to break the rule and something called “affordability”, which seems to be driven by low interest rates, is given as the main reason.

I can only imagine the fuss if – for instance – car manufacturers put up their prices whenever interest rates were low. Is there a good reason that the housing industry can get away with it or is it just a political scandal of the most enormous proportions?


Hugh Sheehy


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