[GodGunsGuts]

Speaking of the rental market, the following graph also illustrates how far housing can potentially fall IMO:

[Torie]

Ya, buying rental housing was a great buy in the late 1990's (particularly if you "knew" interest rates would decline. I should have bought more, but I wanted to diversify, since I owned so much already (thus I paid off mortgages, bought savings bonds and TIPS, etc). Now it is a more neutral proposition, with price levels about what they should be, at least in SoCal, for housing that makes sense as a rental. The mini mansion to mansion market is a different puppy entirely. It marches to its own drummer, and has little to do with cap rates etc.

[Torie]

The imputed rent chart, at least for Socal, is way, way off, by the way.

[MeneMeneTekelUpharsin]

Quit wasting your time with these people. Those of us who know what is about to happen don't need any more information. Let them find out the hard way.