I first felt the economic pinch in December 2005 while still in my appraisal tenure.
However, property values were increasing until mid 2006, when values peaked at $160. per square foot. In 2011, we hit our bottom at $80.22 per square foot, a 50% plunge. Today we are at $112.67 per square foot, equal to the January 2005 market.
The real estate market could not sustain a 2% monthly appreciation rate. If that rate continued, we would rival the California and NYC markets in property value, making housing unaffordable to most.