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Housing has been overpriced for years. In some areas, it will go down a little. Housing isn't a national thing though, it's entirely regional. While the Northeast may be hurt, the Southwest may increase. I'm in Chicago, and my area will continue to increase no matter what.
The housing economy overreached a bit, gave out loans to people who couldn't afford homes. It's fixing itself now. Might be bumpy for people on interest-only loans or looking to flip houses, but for most of us, it's just a good opportunity to start buying (especially when they lower rates).
Stock market is doing well, and the economy has been growing steadily despite the high gas prices. I don't expect to be lining up for government cheese in the next year.
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