Our long national nightmare is over. After 10 years, the Case-Shiller home price index is just a smidge above its previous peak, from July 2006. That was the longest sustained dip in national home prices in decades, and its effects on American citizens, and the economy, have been both deep and widespread.
Of course, the Case-Shiller index uses nominal prices, so when you adjust for inflation, we’re still below the peak. Still, it’s something of a mystery why prices have recovered as far as they have.
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