Interesting article on house prices.
Shows average pricing related to "Owners Equivalent to Rent":
The graph to the right shows housing prices currently related to their prices in the past, and "standard deviation" to prices historically, depending on the time frame.
http://finance.yahoo.com/tech-ticker/article/52640/House-Prices-Still-Too-High-Despite-Collapse?tickers=fre,fnm
Update: 9/5/08
U.S. House Price Decline Could Be Worse than Great Depression, Economist Shiller Says
Update 9/5/08: To the left is an updated chart from Business week of ARM resets, notice due to changing financial conditions, the curve accelerated and flattened.
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