The chart below looks at where home prices stand compared to a continuation of the trend from Jan 76 to Dec 99 (ex bubble years).
Prices are still well above the long term trend (ex bubble) and as the 90's episode illustrates prices have corrected below trend in the past. The rebound in prices might well have been short-lived. If prices stabilize at these level it would take a good 4 years for the trend to get there.
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