I’ll piggyback on this thread to ask a question I’ve been mulling for a while:
You’ve all seen the Shiller charts that show this real estate bubble was the biggest in recorded human history. That’s right, what happened to real estate prices in just the last 10 years – in San Diego, in California, in the USA, in much of the rest of the world – was bigger than anything ever recorded.
Given that, do you think that the traditional measures of the bottom of the cycle – sales, price/income etc – will be average, or much different from the average bottom of the cycle? (As one reference point, the bottom of the last cycle in So Cal was 1996, not 2001….) If you think it’s going to be different, how different?
