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Some of these comments...???
There is a tremendous number of people with massive equity in their homes strictly through appreciation in the market.
For the people who bought houses @ 750K that are now worth 1.3M, especially the people who own multiple homes... you don't think they will want to cash those chips in if the market sentiment shifts 100% to bearish???? I would rather sell at 1.1M than 900K, and this is why most housing "crashes" happen so quickly.
It's not like most people are losing 200K by selling their homes @ -20% of peak values, many are still walking away with a tidy profit.
It's only the people who have entered the market over the last 5 years that have the potential to really get roasted, those who got in 10-12 years ago have quite the financial cushion.
I doubt prices will ever drop beyond 2008 prices, and personally, I think that price point is completely reasonable.
As I've said before, "affordability" is 100% driven by interest rates... if the rates go up, the prices will come down.
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Originally Posted by jasonturbo
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