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As for the crystal ball comments, no one knows where the housing market will go, just like the stock market.
BUT look at the cost per sq. ft. on the house you want to buy, in many cities you can find newer (10 years old or newer) homes for under $80 a sq ft. Well under the cost to rebuild which is about $150/ sq ft on average. Hard to go wrong when you are buying a place at 50% of what it costs to rebuild
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