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Indeed, this reasoning works if you can buy cash.

In practice, most people will have to take a 15, 20 or 25 years mortgage and if they have to sell at 20% less than you bought, they'll discover the joys of negative equity.

Then again, if you have several hundred grands available, you might imagine a better use for your money than overpriced real estate.

by Bernard (bernard) on Tue Feb 15th, 2011 at 04:12:44 PM EST
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