johnhhaskell

Missing From All the Credit Crisis Coverage: A Realistic Assessment of Where Home Prices Are Headed

especially when you consider that average wages have increased nowhere near 100% in the past decade. In fact Joe Public's paycheck is not even keeping up with inflation (see today's NYT for detail).

The only thing that has changed is the financing arrangements. Those are now going back to what we had before.

Then the only difference will be people's fond recollections of how they used to be "rich."

I believe that a 50% decrease in NV, FL and AZ is basically guaranteed.