Perki

How Far to a Housing Bottom?

I believe this was simply a bubble due to easy financing in some areas, and when you remove the "bubble" housing prices will return to the past trend. It is already happening.

When you look at Case-Shiller data by metro area, those that went up the most, are going down the most, but stilll back to 2002 pricing.
Note that regional variations in home prices are great, but a common factor is a return to each geographical areas home prices of 2002-2003. See tinyurl.com/7hovj6