I think at this point, with the state of the banks/GSE’s, Fed, unemployment, California budget, all bets are off.
In this environment many new norms could be set…
Did you ever notice in that case shiller historic graph that there was a new norm lower than the previous after WW1 and a new norm after WW2? Things can change…and if is is possible for an event to force them off of their trend, what we are experiencing could be it.
