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I don't know about the stock market but the housing market may be getting close to a bottom. I read somewhere that average prices are now about 2.9 times average annual income. Two houses close to my land have sold in the last couple of weeks. One was on the market for 3+ years at $565K and sold for $300K, the other on the market for 2 years just closed yesterday so I don't know the price yet.
Even though many have lost considerable net worth recently, there are millions still putting money into their 401Ks and eventually a large percentage will wind up in the stock market.
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