re: Home prices are now contracting at levels only seen 2 times

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So some local areas that went up 40% will drop 20% but still be up 20%

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Oh so we should just ignore signs of contracting prices then. Every correction starts somewhere.

It's interesting data to watch to see if it turns into a trend or is just a blip.

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This isnt going to be a 2008 meltdown

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Yes, I have said 100 times it won't be. In a 3-year period, there were millions of houses foreclosed on. 2010 had 2.9 million foreclosures alone. That will remain the high water mark.

Things don't have to reach 2008-2010 levels to be detrimental.