MANAGED DECLINE APPROX -6% PER YEAR.

          Clearly the decline period is managed in a relatively straight line downwards.

So expect a 36% drop in RE prices (inflation adjusted).

Current Price 325.4…about 228 in 5 years.

Approx 30% (for low inflation 1% the next 5 years…)

Some say 40% (nominal)  and 7 years…7 year cycle more traditional.

Inflation adjusted rates of return (from bottom)

1999-2007       8.4%

2012-2024       6.2%

2030-2040       4%?

If you buy near a top, rate of return is just 1% not accounting for depreciation-houses get old- which would make it negative. (13% since 2007 top or 0.8% per year).

Clearly growth is slowly dying…