“In the last 20 years, I’ve never seen anything like it. I bought my first house in 1996, a four-bedroom for $124,000, and I could probably buy that same house for $124,000. All the appreciation we’ve gained in the last 15 years, it’s gone.” -
Chuck Whitehead, general manager for Coldwell Banker’s Southwest Riverside operations [San Diego] Eric Wolff at the NC Times, 16 Apr 2011.
[When speculative manias end. - ed.]