Base on a 3% appreciation a year, i.e. inflation, the bottom I would think should be between 30-35% above 1997-98 price. So your 225k target is very reasonable and I think that’s within 10% of the absolute bottom. But all this is just guess work. Only time will tell how this whole thing will play out. Like the graph Rich had w/ price/income ratio. It will reach equilibrium some day.
