Diana Olick covers the housing beat for CNBC. Once upon a time she seemed to do a good job, but she is gradually appearing more and more clueless:Prices are now at levels not seen since 2003, essentially giving back all the gains of the housing boom.The housing boom did not begin in 2003. Instead, it began about five years earlier, around 1997-1998. By 2001, we were in mild bubble territory. The housing market still has a lot to fall before it gets back to historically normal valuations.
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