Barry Ritholtz’s reader Steve Barry has updated the New York Times chart of Case Shiller housing prices to account for the latest data (April).
We can quibble about about precision, but here’s the bottom line: Prices still have a bit further to fall just to get back to fair value. And “fair value” is fair value because prices have spent about half the time below that level. So, if anything, Steve’s projection is probably optimistic.
Nationwide, prices are now down 33% from the peak. They’ll likely be down 40%-50% before we’re through. And they’ll probably stay there for a while.
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