Thanks for clarifying the numbers (math geeks are always welcome here!). I was assuming a 60 percent drop (median price X (1 - .6)) = future price. Your math is correct however since you are taking the initial price and reverting it.

Good stuff. Either way, prices are highly overvalued.

Still pretty impressive, though. BTW, I hope you don’t mind the input from a math geek.

And this is just simple a reversion back to the mean! However, just as bull markets can be wildly delusional to the upside, bear markets can be equally devastating to the downside, as well.

There is no turning point to housing psychology, only miscreant bubble bloggers nipping at the heels of the most magnificent organization ever conceived in the mind of man… the magnificent NAR!

Housing will continue its upward ascent through the stratosphere to the moon. The median home will soon reach $1M, then $10M, then $100M. Homeowners will all be rich beyond all imagination, a single US homeowner could buy the entire country of China or India with a HELOC, anyone who does not buy a home in the next 6 months will die an ignominious death without a penny to their name, and their children will be shamed from afar by wealthy landowners. Even condo owners will drive Mercedes Benzes and Aston Martins while renters are forced to lease Big Wheels and tricycles.

We have reached a new paradigm…
everyone wants to live here…
We are all rich, rich, rich!

Can any job be worth that? How much would you have to be paid to do that? Has he no conscious? How do you sleep at night knowing your recommendations drove people into bankruptcy and had them thrown out on the street? Particularly when you know its complete BS when you’re saying it? Buying a home is a very important decision with long-term ramifications to people’s lives. Lereah should be ashamed of himself.