A history of housing prices dating back to 1890.

(click to enlarge; graph courtesy of Steve Barry)

Compared to the housing boom after WWII, the fundamental difference is we are now facing an aging population (mostly baby boomers); demand is lacking to absorb the huge inventory buildup during the bubble. As a result, the housing prices will be more likely to fall, down to the level before the bubble, rather than staying at a higher level.