We are as far away from price compression as one can get, which is why I think we are only halfway through the downturn, with the lower half closer to “normal” (but still being artificially propped up via interference in the foreclosure market and with artificially suppressed interest rates and various tax credits, etc.) and the upper half moving down to meet it.
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So, if we’re only halfway through the downturn, you’re saying that the peak-to-trough decline in aggregate SD housing will be about 70%?
