One reader suggests that housing prices have hit an all-time high. "Here’s a topic for debate: IMHO, residential real estate may never again reach the same price heights, adjusted for inflation, as during this bubble. [Nominally speaking, of course they will; future inflation is a lock.]"

"Why? Even after the economy recovers from the inevitable depression, the demographics of an aging population combined with globalization pressures will conspire to cap prices for the rest of our lives."

Another concurs, "Agree. I think this is a good topic because even the bears seem to be in a rush to buy homes. IMO, this will be a L-O-N-G slide down."

"Based on the last downturn in CA, my parents’ house didn’t reach bubble price until around 2000, over TEN years. This time, I think it will be much, much worse."