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The house prices will drop down to actual values instead of the over inflate values they have been running at for the last decade
No big deal.

While this is true and I saw it coming and sold my house and rent now, waiting for prices to hit rock bottom before buying, I hate to see my friends lose their shorts even though it is actually their fault in most cases for buying home they thought they could use as an ATM machine.

Every bubble will and does burst, it is just timing that is all.
 

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