A History of Home Value

This is for national figures in the aggregate!   In high boom areas (such as Santa Barbara) the high was much higher thus the equivalent bust will be bigger – Notice as dire as these numbers look they do not even approach the declines of the 20’s and the Depression which were well below the historical trend.  History shows in the bust of large booms  almost always prices go below the trend line – Thus Shiller is very optimistic.