Wow, did you see the sales price history on this particular house? It was purchased pre-construction in 1989 for $181k and sold in 1997 for $169k. They lost $12,000 on the property after buying at the peak and selling 8 years later!! This is an example of the amount of time it takes for bubbles to unwind. We have a few years before the bottom is reached, I am afraid.
