jg,
Somehow I believe your feelings are intact at the moment;). Thanks for posting the graph and it pretty much confirms what I thought. The 800K+ median data point was a major league outlier. Heck, it was a HOF outlier. The peak looks like it really was around 650,000 and the trough looks like it was around 450,000 which translates to a nominal loss around 30%. I’d agree that passes the sniff test. A 30% decline in nominal prices would be a very significant fall in prices this time around and coupled with 5+ years of stagnancy like last time would represent real declines around 50%. I’ll buy that.
