As a reference for long-term house price index trends, below is a chart, updated with the most current data (through February, except for the Case-Shiller National Index, which is through December), from the CalculatedRisk blog post of April 30 titled “Real House Prices, Price-to-Rent Ratio, City Prices Relative to 2000” :
(click on chart to enlarge image)
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1597.57 as this post is written