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More Proof: The Bubble Was in Credit, Not Housing

With the removal of temporary tax credits, lower cost home prices have fallen even further. This week’s Case-Shiller index showed widespread declines in the prices of lower-value homes. Indeed, prices of lower-cost homes have fallen further from the peak in 16 areas tracked by Case Shiller. And as RealtyTrac noted, the overall housing market is still “gloomy: • 25% more homes were foreclosed in Q3 vs Q2 • Nonforeclosed homes saw a sequential quarterly sales decline of 29% • $169,523 is the average sales price of foreclosed properties — 32% below the average for nondistressed properties • 54% of Nevada home sales were foreclosures in Q3 — worst in the nation (Source: RealtyTrak, Barron’s) As goes the low end of the market, so goes all of housing . . .

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