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Yes, thats the guts of it Alchemy. I think for a lot of australians it wont matter what happens to the prices because they are established and have the mortgage fixed. But for those who are just now thinking of buying as FHB's, or for those who bought near the top in the recent boom and are counting on their investment to fund their old age, for that group there is the risk of substantial losses. There are are lot of folks in the US now suffering a lot of pain because they were told by the "experts" that the prices could never retract meaningfully. They were lied to.
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