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Yep, we talked about this last Sunday...
FWIW, I think this is actually a good thing... the reason why real estate climbed so quickly in the last 10-20 years was because of easy credit (i.e. >=100% LTV loans, back-loaded structures, no docs, optimistic appraisals, etc), and the reason why it has fallen so quickly in the last few years is because most people couldn't actually afford the prices they were paying.
Tighter credit means lower home prices (is that really such a bad thing, if it's universal?), but also less defaults, and fewer people overextended.
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