Housing Bubble

Bob Shiller and Karl Case have an today's op-ed in the WSJ, which I have to go to the library to read. I thought the op-ed's were free? Check out the graph of American housing prices over the last 116 years. Scary stuff. Hat tip to Nouriel Roubini. The graph looks fairly stable and cyclical, with no long-running trends. That is until the start of the 83% rise in 1997. Did someone say irrational?