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I bought end of January 2012. Now that I'm a homeowner, since I'm not looking to leave the area I live and don't see changing houses in the forseeable future, I'm more interested in a stable housing market than I am in crazy appreciation. I'm not looking to pull equity out, and increased prices will just increase my property tax bill. So IMO lending standards need to strike a balance in a way to keep neighborhoods stable, while also allowing enough buyers in the market for those who need/want to sell and move on. But where that balance lies is anyone's guess. I would say in my area it's certainly NOT at the 25% YOY appreciation the DC area saw in the mid '00's.
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