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This is great news. Finally the housing market is undergoing a correction. Once all the bad debts have been cleared out, there will be many great deals and foreclusures to be had by us responsible people. I would prefer it to bottom out more so that the housing prices become more reasonable.
I live in LA where the market is still redhot and way overpriced. 1st world prices for third world conditions. It's embarrassing.
Ace, I agree with your contention that this is an overblown issue and it's best not to interfere. I doubt there will be calm though. Too many people running around screaming the sky is falling egged on by the media.
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