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So a million dollar house will be worth $500,000? I'd find that very hard to believe and would probably cause a severe depresion. So many people have everything invested in their home for it to drop 50% would crush them. You'd have so many people stuck in a home, interest rates would go up, those with ARMs would be fucked - unable to sell and unable to make their payments. If that does happen America will be a very sore sight for the eyes.
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good point.. this is certainly a possibility.