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I guess, as with so many things in real estate, it's a matter of location, location, and location. I live in the sunbelt. It's pretty rural and small townish here. We have lots of building; companies and people are moving into the area; and the housing appreciation rate is a few per cent per year. No bubble in sight. Don't know anyone with an interest-only loan.

Probably, on your poll, I would be "not concerned." But your original question only gives two options: Do you think we will have a modest shift where prices stay flat or a more significant change where you see prices dropping 10% or more and an increase in mortgage defaults and foreclosures?

I can't imagine either of those options happening here.

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