I guess in real value the house is already depreciating because:
1) You’re talking about the mighty U.S. Dollar $ (taking a hit). Hence, count the depreciation of your asset by at least 5% this year. It is a Global economy after all.
2) Don’t forget inflation (not the one reported by our economists….I mean real inflation).
3) You already stated that prices are down from the peaks of 2005.
4) Opportunity cost (assuming you had some $ down or the delta between rent vs buy).
If you add all this up, with conservative figures under each point (3% for each), you’re already down 12%.
