In an 8-9% 30 yr fixed rate environment a multiplier of 10x-12x made sense.
My point was to underscore that these data show that at the worst point things broke even with 10-20% down. Some people thought it was a better cash flow environment than that to purchase at the bottom. This is why I am expecting about a 20% decline in nominal prices over 5 years, assuming 3-4% wage growth and interest rates in the same range as today.
sale of my primary residence to
