(ZERHEDGE) – Those looking for signs of a new housing bubble need look no further than today's existing home sales report which showed that median prices of existing homes in the U.S. soared 24% to a record $363,300.
And while banks have been quick to reprise their roles as the "Ben Bernankes" of this neverending business cycle, trying to counter growing speculation that the U.S. housing market is once again in a giant bubble, with both Goldman and Bank of America telling readers not to believe their lying eyes, the reality is that not only is it a bubble in the U.S., but it is also the biggest housing bubble in the entire world!
As BMO's Doug Porter writes, global real home prices are rising at their fastest pace in 45 years of records. According to data compiled by the Dallas Fed, prices after inflation are now up more than 6% y/y, surpassing the prior peaks in 2005 and 1989.
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