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Median prices are meaningless unless sales volume is included. I suspect that when prices are way down sales volume takes a dive. The only people selling in that market are defaulting, moving because they have to, purchased when the housing was way way lower, ie they still had a gain. Most people simply ride out the downturns by not selling. On the other hand if you must sell in a down market and buy in the same market, you haven't lost anything but realitor fees. Yahoos in over their head are a great source for investors.
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