"The total value of residential property in developed countries rose by more than $30 trillion, to $70 trillion, over the past five years – eclipsing the combined GDPs of those nations.
So the total value of housing is greater than total annual income? There may or may not be a bubble, but even in normal circumstances I would expect that to be the case.
That brings up a theoretical question that has NEVER been sufficiently explained. Where does wealth come from and how can an entire country possibly get wealthier all at once. Adam Smith didn't get it.