to look for a clue as to when prices were ‘correct’ : ie not over or undershot for a period of normal mortgages. That tells me something like late 99; but projected for the very long term trend ‘real’ growth in house and land prices (ie trend above inflation) the ‘normal’ price level may well been something like 2002 prices
The big time trouble is, the market will probably undershoot that level; perhaps by a substantial . Longer term buyer won’t then worry so much though for they can wait for the knife to bounce!
