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The housing boom must be near an end. There
was an article in today's paper about people lined up 2 days in advance, living
in their cars, in order to buy homes that start at $900,000. The average
price of homes here is going up about $3000 per week. Last week the
average price was $500,000, today it is $503,000.
The housing market here is like the stock market in
1999 and 2000. I don't think the housing market will fall to the same
degree as the stock market did, but a 20% drop will hurt a lot of people.
It will also reflect upon some commodities, housing stocks and housing related
stocks.
Of course there is no inflation. Just ask the government.
Have a good week end. Ira.
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