Let me count the reasons. FDR. LBJ. Carter. Clinton. Dodd. Frank. Obama. Even Bush.
Government is the problem - RR
Because conservatives are out of money, and liberals are waiting for the availability of the first iHomes (tm) before they spend their hard-earned welfare money.
Keep in mind the red curve is a national moving average and is not applicable to much of the country.
The blighted cities and places like Michigan and Ohio are badly skewing the averages
The older a residential property becomes the more it costs to maintain it (including rehab as a cost of maintenance).
Absent that rehabilitation the sale price must be discounted appropriately.
If you don't build any new houses for a couple of years, you should begin to notice the impact of wear and tear on the aggregate housing market price structure.
It is call over supply, some of you forget that, we have about 14 +/- millions homes people do not want and cannot afford. Not to mention the pending glut of foreclosures to come.
Looking at prices in the past, after a bubble, prices usually drop below the trend line before recovering. We still have a little way to go before that happens. I think it is natural for prices to continue to drop, and the government should stop meddling and trying to control the market.
If you don’t have a job you don’t think of buying a house.
One must have a job in order to have money to buy a house?