![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDwvogNAUtQMcDwegdiRDK4cLj8WGFb0uKRqbI_-YRT2TXPGwaP5Qc9x1vkzjPOxdbqwk_akT5lFwmmCzXI3BqwiBlMejdjOWuu4eUl5nzOwGB10R-gRGZtTyfQnsKVz8VoeAe6g/s200/housingB.png)
In Shiller's Irrational Exubrance, 2nd edition, there is a section on the housing prices, and a graph showing housing prices rising. But there are literally pages of qualifications, about how this price rise cannot continue, but not much about housing prices falling much in nominal terms. I was struck by this graph from a blog that seems spot on. Unfortunately, the book had a picture that did not have anything after 2004 (see below), the prices just go up, so there's a healthy bit of photoshopping going on.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvu0BnYlShE7WQNWVEaEfDB8_435xqJPv8eS6lUoi-V94jKqlsXFhST766cf-pX_Eajng_21frdkwmO2xiJUTJSn99cDoH6TP9iGuC59jP1UUhBEdWZp-Q8p5yPC8m6HZrBR1IvQ/s200/ahouse.png)
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