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I'm starting to think that gas prices going up last spring was what popped the housing bubble.
If I had to guess, knowledgble investors had to get out of the housing game, so they bought commodities like oil. People drove just as much, but switched what they were spending money on. More money was leaving the country. Companies that could raise prices or charge a surcharge did (and some haven't removed them yet). Companies weren't making as much money, and didn't hire or laid-off staff, which increased foreclosures and lowers home demand and prices.
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