Housing Misery – How much more, and how much longer?

From the Wall Street Journal today:

The above table suggests that, in general, real estate values have fallen about 2/3 of the amount that they need to fall. (This assumes that values will fall to historical levels; this assumption is for another post.)

Also noted in the article was that according to various real estate indices, the peak real estate valuations occurred mid-2006. Since values have therefore been falling for 2 years; basic extrapolation suggests that they’ll be falling for another year or so.