AMERICANS’ OBSESSION with house prices remains undiminished. Indeed, now that it is becoming obvious that prices can move down as well as up, anxiety has increased the intensity of that obsession.

For good reason. For non-millionaires, their homes are more than their castles: Homes are the largest asset in their investment portfolios. And interest in the U.S. housing market extends across the ocean. Many Brits have second homes in Florida, the land of sunshine and beaches for mom, golf courses for dad, DisneyWorld for the kids, and 40 percent annual appreciation for the entire family.