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well i'd call the DOW industrial average an index, but isn't it just the top 100? does it really reflect the whole market or just the cream of the crop?
and if the currency involved has doubled in 6 years, doesn't a number of 11000 really mean something like 5500?
another indicator would be the housing market, and i hear that massachussets and texas have reported major losses in property value.
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You can't value things based on the circulating currency - rather what it buys. Depreciating US$ means foreign ownership of US companies is now cheaper, but US owners do not feel the pinch as yet.
What exactly are falling property values indicative of, in your mind. To me, they represent nothing more than the wealth floating around an economy interacting with a scarce asset. Calgary is a prime example - people are either very wealthy or believe they will become wealthy, and are willing and able to put money into land in the city. If sentiment for wealth prospects change in Calgary, long-term land values will go with them.