My guess: If housing prices bottom – or get 95% from the bottom by 2011 and end up 50% below the peak on average – then we’ll see 2006 prices sometime between 2025 and 2030 again if prices appreciate by 4% annually. Obviously, if there’s less appreciation, it’ll take longer. But it looks like an optimistic scenario would be a 20-year-plus round trip from the peak. And it could be longer.
