Could we really do it to ourselves all over again?
A European Commission report which suggested that Irish house prices may be undervalued by 13 per cent, didn't really surprise too many people.
They look at how house prices have stopped falling in nearly all parts of the country. They read about a supply shortage in Dublin and a house price gain last year of around 13 per cent in the capital. And they conclude that the report may well be right.
The report was based on an equilibrium price, which looks at disposable income, population and the real mortgage rate. Essentially, it is an academic exercise based on a formula and data. These are very useful indicators of the likes of house prices, but they don't always mean things will play out to plan.