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Nouriel Roubini is seeing signs that we are “entering bubble territory” in nearly a score of developed and emerging markets countries that he warns “looks like a slow-motion replay of the last housing-market train wreck.”

In a Nov. 29 opinion piece appearing on Project Syndicate, the NYU professor and economist says the signs of “frothiness” include fast-rising home prices, high and rising price-to-income ratios and high levels of mortgage debt as a share of household debt. Aided in the developed countries by very low short- and long-term interest rates, and considering their slow GDP growth, low inflation and high unemployment, “the wall of liquidity generated by conventional and unconventional monetary easing is driving up asset prices, starting with home prices.”

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