cityboy

real estate tends to be more based on appraisals, which are few and far in between. actual market per se is not observable, since the real estate investments are traded much less frequently. So it like an extrapolation of a few and far between appraisals to indicate what is happening in the entire market. Since these are not a true representation - the returns themselves tend to be lower - so volatility is lower.

I think - may be wrong -- that "unsmoothed" and "without correction" mean the same thing.

CP