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Residential real estate values are always location dependant, but...
The Fed is doing whatever it takes to keep residential values high. That means (in my opinion) we still have way to many people over extended in real estate.
So I think the Fed is going to continue to try to keep values as a whole rising with inflation. When they lose their grip (the baby boomer generation is inexorably leaving the market, slowly now, but that trend needs to increase) prices will collapse again.
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