This graph pretty much says it all. Everything was moving along fairly smoothly until we recovered from the last dip in the late 80's. From that point forward prices accelerated to unprecedented rates until the market just couldn't sustain it any longer. And you know what happened next.
What I get from this is that we're actually just below the expected median (around $300K) if you drew a line through the middle of the curve. That says we've probably over-adjusted and could begin seeing recovery and slow/moderate growth in the near future. Then again, I don't envy those who make their living by predicting this market...
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