So, in other words we had 37% appreciation in one year (3/2003 to early 2004) ?

It was more like 23% appreciation in that period. So it is pretty close… within 15% or so of early 2004 prices.

sdr – I agree with your general premise that it is unlikely we will get back to early or pre-2003 numbers, because we did see a 40-50% run-up during the period of Jan 2003 to mid-2005.