(Note: y-axis was previously mislabeled).
Update: David Albouy asked me to look after controlling for urbanization. Here is what I got:
Richard Green is a professor in the Sol Price School of Public Policy and the Marshall School of Business at the University of Southern California. This blog will feature commentary on the current state of housing, commercial real estate, mortgage finance, and urban development around the world. It may also at times have ruminations about graduate business education.