Having studied economics as a graduate student, I have always been an interested observer in the ever-repeating price cycles of our regional land market. Over the past decades, I have studied four such cycles. Two important aspects I have noticed are that first, with both market upswings and downswings, there are always exaggerated price movements – both higher and lower – that may persist for prolonged periods… Second, that patience is always a required virtue. These cycles always remind me that we are in America’s most explosive and resilient housing market, decade after decade.