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About 8 or 9 years ago my company hired a new guy from the Washington DC area. He & his wife had been out on house hunting trips several times, but there was a big RE run-up in the months before he actually moved.

Rather than downsize a little and buy a house he could afford, he decided to keep his money in the bank and wait for prices to come down. The conventinal wisdom was that prices were at an unsustainable level.

Well, two years, and much marital discord over apartment living, later he gave up and asked for his old job in DC back. Of course once he got back, prices there had also risen and he couldn't even afford his old house...
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