we may be looking at 1998 prices before the bottom is found. And I don’t meant 1998 plus any allowance for inflation.
I don’t know if you realize this, but 1998 prices were at about the same level as 1990 prices (ignoring inflation).
So, what you are suggesting is that prices will revert to ~1990 levels without accounting for inflation.
As a point of reference, median rent in San Diego county was $564 in 1990 (Census Bureau), Median household income was about $35K, A gallon of gas was about $1.20. (Geez, I am starting to sound like my Dad). And we had to walk to school uphill both ways in the snow.
OK, maybe not that last thing, but I think I’ve made my point.
