A perfect example of typical newspaper bias here in NZ. An editorial passed off as "news." A few minutes of internet research indicates that the report authors are essentially right-wing shills.
Look NZ housing prices are outrageous. No doubt some very very small part of the price increase over the past decade or so is attributable to government regulation and restricted land availability. But let's face it the main reason that prices have risen so drastically is speculation and greed. It's the irrationality of the "free market" that has caused this rise. The invisible hand has been busy causing people to do things that they shouldn't. It has been touching us in our swimsuit areas for years now and we're just beginning to deal with the consequences of our sad molestation.
Prices will fall here as they have, and will continue to do in the US. Why? Not because of a sudden increase in land availability or less regulation but because the market was irrational - driven by speculation and greed. Don't be fooled by the mislabeling of the crisis in the US as a "subprime" lending problem. It's a market correction. People across the board are feeling the pain in the US as they will here. It's really time to tell the Randian jackasses where they can stick their hand.
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