A friend of mine bought a house in the beginning of 1990. During the first 6 months of 1990, prices were still going up. It was a new house, so he was reluctant to rent it, fearing that the tenants may ruin the house.
Then prices started going down. He kept hoping that prices will come back up, so he didn’t sell. By 1997, the market price for his house is less than what he paid for it in 1990.
