Tom Lindmark submits:

I’ve posted this chart before and it continues to fascinate me. This time The Big Picture has updated it to show what a decline to “fair value” might mean for prices. You might and probably could quibble with where prices end up but there is a fair case to be made for their projections for further declines.

I think what I like so much about the chart is that you can look at it from so many different angles. What was going on with interest rates at such and such a time? How did demographic changes affect prices? How about inflationary expectations or the general level of economic activity?

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