Asianautica, you’re absolutely right. It’s eerie to see how the post WW II run-up in prices was much more pronounced than the two booms in the late 70s and late 80s. However, prices didn’t really drop following that great boom!

A market observer may have witnessed a ridiculously sharp (60%) appreciation in 1943-47, then sell at the peak (index=108) and become a renter, waiting for prices to drop. After all, look at the 1920-1945 average (index=74). “Prices are overpriced by 30%” our friend from the past may have thought. Other than a minor adjustment in 1948 or so… it appeared that the post WW II boom resulted in a “permanent new high plateau” as seen from 1950-1975.