[quote=Scarlett]….I see prices at the nominal level of 2003-2004, which is quite a bit higher than 2001…[/quote]
Home prices in this downward phase of the normal housing cycle are no longer determined by normal private supply and demand. Govt has funneled well over a trillion dollars into housing demand over the course of just the last year, and continues to pump in vast amounts of money.
To understand home prices in the US, forget about normal economics. You just need to see what govt supports are being dialed up or down.
