Well, with Rich posting his analysis it’s pretty clear to me that *Nominal* prices have probably hit a true bottom. Those cheering for a 10-20% additional haircut from current prices are likely to be disappointed.
However, Inflation adjusted prices may still fall a bit. This past winter’s inflation adjusted bottom was lower than the nominal bottom from 2009. It’s entirely possible this winter will bring even lower inflation adjusted values.
Barring a dramatic economic and unemployment recovery, at least 12 more months of flatline behavior with typical seasonal fluctuations and inflation based creep up seem reasonable to expect.
