As a reference for long-term house price index trends, below is a chart, updated with the most current data (through July) from the CalculatedRisk blog post of September 30 titled “House Prices: Real Prices and Price-to-Rent Ratio decline in July” :
(click on chart to enlarge image)
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1946.56 as this post is written