HDB's Historical Resale Price Index (RPI) Chart

At the end of the previous month, HDB just released the latest update of the Resale Price Index (RPI) and this latest update shows that the RPI has increased by another 4.1% in the Q2 of 2010. The chart above shows the historical RPI and as you can see, the RPI is some way above the previous peak already.
I noticed that many have the misconception that rising flat prices are beneficial since it makes them richer, or at least on paper. After all, the current flat prices are way higher than the original buying price. But that is only true if you own more than one property.
Let's say you own a 5 room HDB flat and that HDB flat is the only piece of property you own and you are currently staying in it. The market price is much higher than the original...