[quote=pemeliza]. . . Second, let’s look at mortgage rates. The average 30 year fixed rate mortgage the last week of 1988 was 10.76%. Today’s average 30 year fixed interest rate is around 3.5%. Current interest rates are 1/3 of what they were back in 1988.[/quote]

LOL, pem. Indeed it was 10.76%. At that time, we had a 10% mtg taken out in ’86!

And imagine that! A property in “stalwart” LJ STILL sold for $620K that year while my 4 bdrm/3 ba home in lowly “working-class” SD was worth approx $112K!!