Boston Foundation:

The last complete housing price cycle in Greater Boston began in July 1988. For 42 months, prices declined, dropping by 15 percent. The current cycle began in September 2005 and appears to have reached its trough 42 months later as well, with prices having dropped by about 19 percent. In the cycle that began in 1988, it took over five years (62months) before single-family home prices returned to their previous peak. If the current cycle follows the same path as the previous one, home prices in the Greater Boston region as a whole will not return to the September 2005 peak level until sometime in 2014.