|>But who knows in this Greenspan Era. Perhaps now is a good time for house prices to go to ten times average earnings?<|
In California this is already the case. In 2002 annual wages in California averaged $41,419. Add a few percent for the last few years to arrive at wages of approximately $45,000.
Then look at median prices in the San Francisco Bay Area of $586,000 and in Southern California of $445,000.
How do these figures compare to the U.K and in particular to the South of England?