Chart from Calculated Risk:
In real terms, all appreciation in the last decade is gone. Real prices are still too high, but they are much closer to the eventual bottom than the top in 2005. This isn't like in 2005 when prices were way out of the normal range. In many areas – with an increasing population and land constraints – there is an upward slope to real prices
Felix Salmon wonders why the stock market has vastly out-performed housing.
The Dish 