it dramatically repress the US CPI even though Greenspan was pumping out the money.Thus, the nominal housing price now could well be the "real" price if the deflation forces were not here. Now, with the significant increase of wages and other expenses in China and India, those deflation forces may reverse soon. Look at Mcdonald's menu, you can see how the price has been going up quite significantly. Thus, my own judgment is that US people will starting to pay more for everything: house, food, etc.,which means significant decrease of the living standard until it is close to where most Chinese (at least those in big cities) have.