The Chicago Mercantile Exchange housing-market futures project an average price decline of 5% over the next nine months in Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington. That's not a "soft landing": that's a bubble about to burst explosively.
The anticipated capital loss on a house is part of the cost of ownership. So if potential buyers start figuring in capital losses at the rate of almost 7% per year and adding...
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