He disagrees that if you compare this short and long-term balance of housing stock a concern . URA Property Price Index (PPI), you will that the PPI is generally sentiment and isn't supply-driven. For example, each of the major corrections in the PPI since 1998 were in 2000-2001 and 2007-2008, that occurred due to external shocks and despite of the housing balances indicating a stock shortage.
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