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Originally Posted by ExiledFlamesFan
You honestly think it will take over a year before the current market reacts to oil prices and layoffs?
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Yes.
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Previous history has showed the housing market lags a few months behind the labour market.
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Has it? Please provide back up.
In my limited experience the housing price declines in 2008 began before the market and oil crash later that year. In fact housing prices appeared to go up slightly in 2009 following the crash before a small decline in 2010 and remained stable in 2011.
Believe it or not most people don't foreclose on their homes and declare bankruptcy mere months after being laid off.