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We're on our way to go look at some open houses as we speak here in So-Cal. I can tell you firsthand that we're seeing alot more 'price reduced', 'motivated seller' and 'short sales' on the listings we get every day, let alone a big increase in inventory over the last couple of months. If that's any indication of things to come, it's going to become more and more of a forthcoming buyer's market.
The sub-prime loan market is dead, I believe New Century bank, a leader in the sub-prime market filed chapter 7 not too long ago if I'm not mistaken. All signs point to a down cycle and a 'bursting of the bubble' so to speak. However, I wouldn't go as far as calling it a 'crash', it will be more of a pricing adjustment.
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