It lasted six years because prices where less distorted and hence more sticky on the down side. It took about four or five of those years to get price back to reality. Another year or two for the people to realize that prices actually swung to the point were it was cheaper buying that renting.
This time, things will be different. In 15 years, we’ll be able to look back and see the clear trend down, but with prices being so over extended and volatile, our dead cat bounces may be rather long mini-rallies extending the duration out a decade or we may plummet like a rock with the builders leading the way with new homes and REOs being the hammer driving resales down.
We know today’s price, we know inflation from peak until now, we have an idea of today’s income, but more concrete numbers may be 3, 6, or 12 months away. We can guess at inflation until next January, incomes is more in the air,
