It shows the ratios of nationwide housing prices and household debt to household income. Housing prices and debt both rose a lot from the mid 1990s to the early 2000s. The ratios then moved sideways for the better part of a decade – in some years they were up and in others they were down.
Then, in the past few years, these ratios have been rising again.1 Both are now at record highs. 1 / 14  BIS central bankers' speeches  Although the debt-to-income ratio has increased over recent times, the ratio of debt to the value of the housing stock has not risen.