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It will be ugly. That is just the way it is going to be.... the way it has always been. *I've seen it happen in Canada a number of times, particularly in Toronto and Vancouver, and Calgary in 1983 (like Houston). *Calgary is going through a huge increase in escalation due to the robustness of the oil industry. *It too will crash in the not too distant future - could be 2 years, or 5 years.
I don't understand comments otherwise...that is simply denial. *Housing simply cannot get way out of whack with the local economy. *The question will be how well those leveraged homeowners can stick it out versus having to bail.
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