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In this area real estate is starting to recover. Zillow just marked up houses in my development by 10-15%. That means houses are still down abt 8% from the peak, but no mortgages under water anymore as most would have at least 8% down payments.

You know real estate prospects in your area better than I do, but I would suggest funding retirement and investing in stocks in a cash account for now. Wait as long as you can to see how well real estate will recover in your market. You can always decide to pay off your mortgage later if you need to.

Right now stocks seems to be doing quite well. Investors are optimistic. Its a good time to buy. The good times may not last forever, but for now it looks like some major worries are behind us.
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