[Rutles4Ever]

Housing prices have to drop further, and many thousands of people who don't belong in the housing market need to leave the market. There will be a long time processing the wretched excesses of the last ten-twenty years.

Problem is, you can take that argument all the way back to the housing boom after WW II. Since we've erased roughly ten years of gains from the real estate market, how far back do you propose that we need to go before there's "fair value"?

[Jim Noble]

how far back do you propose that we need to go before there's "fair value"?

What on earth do you mean by "fair value"?

If there are more sellers than buyers, the prices are too high.

The true value (which is also the "fair value", if there is such a thing) of all housing units currently on the market is far, far below the sum of all the asking prices - or else they would all be sold.

That's not even economics - that's simple English.