So says Calculated Risk Blog here:
In real terms, the National index is back to Q3 1999 levels, the Composite 20 index is back to September 2000, and the CoreLogic index back to May 2000.
In real terms, all appreciation in the last decade is gone.
But there is still considerable room to drop before all excesses of the bubble, which began its inexorable rise in 1997 coincident with the provisions of the Tax Payer Relief Act of 1997, are expunged. The only question is, How much will prices overshoot to the downside of those 1997 levels?
"The act exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This is for residences that were lived in for at least 2 years over the last 5." (source)
I am not convinced that the bottom is in.
