As a reference for long-term house price index trends, below is a chart, updated with the most current data (through December) from the CalculatedRisk blog post of February 23, 2016 titled “Real Prices and Price-to-Rent Ratio in December”:
(click on chart to enlarge image)
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1929.80 as this post is written