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Probably the case....although, I thought similar regarding Vegas (because the city cannot expand due to Fed ownership of surrounding land)...which was not nearly so inflated as CA last bust. Many houses still have not recovered above about 60-70% pre crash prices 8 years later. So, on a $1M house...one would still be $400k underwater. Tough nut for many.
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Some are born free. Some have freedom thrust upon them. Others simply surrender
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