[Oberon]

What amazes me is how reluctant people are to look at government policies to explain big market moves.

Are you thinking of the commoditization of mortgages as investment instruments, driven by Fannie Mae and Freddie Mac?

[Moonman62]

Are you thinking of the commoditization of mortgages as investment instruments, driven by Fannie Mae and Freddie Mac?

I would add that to the list. I think the most important change in this country was the captital gains exemption for homeowners that went into effect in 1997. There are other events and policies I would put on the list. One would also have to consider that the real estate boom affected other markets around the world.