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I don't know, if someone rented for 10 years instead of getting in the game because they felt prices were over inflated, and that 800k house he was going to buy is now worth 500k I wouldn't call them an idiot for it.
No one saw house prices rising this fast the last year, just like no one knows when it'll correct itself. Some will choose to get in the market, others won't. No one is really right or wrong.
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