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Calculated Risk uses an additional housing price index along with the Schiller index to read the housing market. Prices are down 25% from the 2008 level which was spurred by federal tax credit program that lowered the real price. Distressed sales are around one third of sales. This will keep prices falling downward. The good news is that home prices are becoming more affordable. The bad news is that an enormous amount of household wealth has disappeared.
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