FormerSanDiegan, you mean 1996 and not 2006, right?
A house @ 160k @ 8% = ~1175/month. Since there’s a difference in rates between then and now, I think it’ll be more fair to compare monthly payment instead of pure price. If you give it 3% yearly appreciation, which is relatively conservative, you’ll get a monthly cost of ~$1675/month. Given today’s interest of about 5.5%-6%, if the house is around $280k-$290k today, it would be similarly valued as the last bottom. How much do you think your house would go for today? If you give it a higher yearly appreciation, like 4% or 5%, then we might be at the same level as 1996 bottom, adjusted for inflation already.
