I think prices may have peaked by September. Properties are now staying on the market longer, and some prices are even beginning to drop. It was a seller's market, but it slowly may start becoming a buyer's market as the inventory starts to rise.
Hopefully this won't be the beginning of the end of the current market. Last time this happened in 2007 turned into a long, ten year issue for all the financial markets (as well as the Real Estate Market).
A healthy Real Estate Market will mean a regular "slow" increase in prices year after year. Prices increasing at 2% a month can't be healthy for the long term and can spread havoc thru out the economy.
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