"Magazine-Cover-Indicator" Indicator....

Pulse of the U.S. Housing Market

Jason, house prices cannot be maintained at a multiple vs median family income of much above 3.5. Even 3.5 is a strain. It doesn't matter what the old replacement prices were. The re-sets in prices will also reset replacement costs lower. Because the bubble in house prices caused a bubble in both lumber prices and expert labor, and is also reversing.