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Everyone knew the bubble was going to burst, many people were surprised it lasted so long.
People will ALWAYS want to buy houses, the demand will never fade. It's the over-inflated prices caused by part time real estate investors who buy/sell wherever they can that causes the bubbles. They will take the largest hit by this, so I dont have much sympathy to be honest. However there are many people (my brother included) who simply wanted to own a house will suffer as a result.
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