I borrowed this graph from Steph at FollowSteph.com showing American housing price trends dating back to the turn of the century (the last one), but this time adjusted for inflation. I will let you draw your own conclusions. Jack, if you are out there, you are going to love this one!
ABOUT THE AUTHOR Kris Berg is Co-Owner and Designated Broker of San Diego Castles Realty. If not-so static web sites are your thing, go here at once where you will find loads of real estate information including homes for sale, market trends, floor plans and more. Kris's hobbies include fencing and spot welding. She likes kittens. 
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{ 4 comments… read them below or add one }
Kris- I just noticed that I didn’t have you blogrolled, so I took care of that- great blog, keep up the interesting writing!
Greg
Greg – Gasp! I was going to razz you mercilessly, but then realized that, while you’re on my daily feed, you are not on my blogroll either. I am taking care of that immediately, In the meantime, know I’m a fan as well.
got one thing to say about that graph. take this 24 year old, multiply by 100,000 = the peak that you see.
Great link, Jack. Sad, stupid, or insanely clever? Jury is still out.