4Plex. I agree. Human behavior does not change, so studying economic history really pays off. I think the bubble started in the last 1990’s in RE as it was clearly headed for a break in 2002 when Greenspan came in with 1% and kept it there. I remember very clearly selling two homes in 2002 and it was touch and go because the market was cooling off big time. Then, in 2003, after a year or so of 1%, the RE market started to get going again. Then loans got really stupid and we were off to the races. So a mid 1990’s price level for SD RE in the next 3 years would not surprise me at all. Getting in now, is really a bad move.
