There is no question that the housing market is in a price correction, but there is hope that with such a rapid decrease in values over the past two and a half years, we will reach stability quicker then in previous price corrections which lasted over six or more years due to a slower pace of decline... see the full article by Inman News below.
http://www.inman.com/news/2008/06/27/speed-price-correction-almost-unprecedented
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