In Figure 1.15, after peaking in 2006, the relative price of housing declines by about 40% at the end of 2012. What does the relative price of housing measure? Discuss the economic impact of a...

In Figure 1.15, after peaking in 2006,

the relative price of housing declines by about

40% at the end of 2012. What does the relative

price of housing measure? Discuss the economic

impact of a continuous decline in housing price

in the years 2008 and 2009 with reference to

Figures 1.14 and 1.13.