re: Current housing surge vs. last decade's housing surge

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To the OP, lending is much tighter than before the crash. There is a lot of cheap money, but it is much tougher to get.

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frick yeah it's harder to get. I just moved to Nashville last year. In order to get a loan I had to not only have the cash, but prove through the chain of deposits that the money actually belonged to me and not to someone else. I had to supply 4 years of investment statements, bank statements, W2's etc.;

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Pretty insulated here in middle TN as well

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Economy is doing real well here relative to the rest of the country.

THAT BEING SAID......

If the price in 2007 was ~$450k, then using the government's CPI, that same $450k is now about $527k. SO.....it's about 18% shy not 5% shy.

If you used the CPI calculation based on 1990 methodologies, they would be about 33% shy.