[IN-DEPTH] After era of ups and downs, home prices return to sanity

ups and downsBy Neil Irwin | The New York Times

WESLEY CHAPEL, Fla. — Donte and Anjoli Hill postponed their honeymoon indefinitely and squirreled away cash wedding gifts in order to afford the down payment on the four-bedroom house they bought a few months ago in this Tampa suburb.

In the process, they weren’t just securing a home where they could start a family one day. They were helping the United States housing market return to normal pricing after 15 years of yo-yoing insanity.

A decade ago the market was unquestionably too hot. Four years ago it was too cold. Now, by a wide range of measures, nationwide home prices look relatively normal when compared with incomes, rents and other fundamentals — and are rising at similar low, single-digit rates.

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