sdr – getting down to early 2003 prices would be another 27 % according to the example I showed. I tend to agree with the point that we are not likely to see prices to pre-2003 levels. I am in the 18-25% nominal price correction camp. (30-37% real dollars).

This DOES NOT mean that we are at the price bottom in either duration or level. As others have stated above… expect more years and tears to pass before that happens.