When real estate prices made a vertiginous ascent in the 1980s Japan the
bullish refrain was that there wasn’t enough land. However, Japanese
real estate prices, and even those of crowded Tokyo, have
glided
downwards over the subsequent two decades, accompanied by rents -
interrupted by the Karate-Kid-esque 'recovery-on; recovery-off' hope
that we have also started to witness in the US. Very low
economic growth and a demographic headwind, despite reasonably high
employment, have led to a depressed real estate market. Is this a
harbinger for the West? And what defines recovery - price, volume, net
equity?
http://www.zerohedge.com/news/housing-recovery-lessons-japan-one-chart
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