I’ve posted this chart before and it continues to fascinate me. This time The Big Picture has updated it to show what a decline to “fair value” might mean for prices. You might and probably could quibble with where prices end up but there is a fair case to be made for their projections for further declines.
I think what I like so much about the chart is that you can look at it from so many different angles. What was going on with interest rates at such and such a time? How did demographic changes affect prices? How about inflationary expectations or the general level of economic activity?
Actually, I do have a life but like you I also have my quirks. Anyway, let me know your take on the update.
click to enlarge