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9-11 was putting the economy in the tank. The Federal Reserve started lowering interest rates ... and kept on lowering them. Mortgage rates eventually hit 4.5% for a 30-year-fixed. That brought millions of first-time buyers into the market. With the huge demand that caused, prices started to soar ... and soared past the moon. The whole thing was artificial ... a pipe dream. Then the Fed started raising the rates. As a result, the housing boom is over and we are experiencing deflation in housing. Those buyers who were the last ones into the game are the ones who are losing.
Want someone to blame? Blame the Federal Reserve's mismanagement of monetary policy.
Vi
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Liberals are people that will believe anything twice.
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