|OT. The real point here is house prices. The price of houses is high. There is downward pressure, strong downward pressure, on wages in the manufacturing sector in the developed nations. Yes, jobs are disappearing altogether too.|
The question of education is poppycock, in Britain anyway, we have about 3 million middle aged people on supposed sick benefit, but who would like to work. There is a huge supply of graduate students looking for real jobs for years, but can only find menial work. There isn't jobs for them in the UK. (yes I know what that implies) The government has created about a 100,000 jobs of low paid civil service jobs. The guys working in those jobs are not going to be pushing up the price of houses any further I assure you.
So the question is "Will house prices continue to rise?". My answer is no for the stated reason. Real unemployment. Loss of technical jobs lowering the real average wages in the developed countries.
Wages going down, house prices going up. What happens next?
/edit: remember to check the table towards the bottom on the link page. It gives the predictions by various economists. My current favored prediction is currently by Roger Bootle. His prediction is -20% over the next two years.
/edit edit. Average house prices are only about four times average wage though. I understand that ratio on USA West Coast is higher though?