[1]We must have discovered a new bug in excel, because when we took median new home prices (which a week ago hit an all time high [5]) which we then divided by the average American's purchasing power expressed through real disposable income per capita, we got this chart...
[6]
... which is impossible, as it would imply that not only are homes the most unaffordable they have ever been, but that the cheap credit propping up the housing market is bigger than it has ever been in history.
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Links:
[1] http://www.zerohedge.com/users/tyler-durden
[2] http://www.zerohedge.com/taxonomy_vtn/term/11567
[3] http://www.zerohedge.com/taxonomy_vtn/term/11275
[4] http://www.zerohedge.com/taxonomy_vtn/term/8749
[5] http://www.zerohedge.com/news/2013-05-23/spot-bubble-average-new-home-price-soars-most-ever-one-month-all-time-high
[6] http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/05/Median%20Home%20Price%20vs%20Real%20Disposable%20Income.jpg