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Actually, the sky can't fall, as it's not an object or abstract concept that has any meaning attached to the word "fall". Comparing "decline in house prices" with "sky falling" is meaningless - one is impossible, the other is not only possible but actually occurring.
Housing prices are numbers than can decline 14% easily enough - all it takes is more foreclosures, unemployment, declining/stagnating income, less sales volume and tightening lending standards. Since virtually all fundamental trends point towards further decline, it's disingenuous in the extreme to claim that further decline is equivalent to the apocalypse; perfectly normal, non-apocalyptic trends are causing the decline in prices and the world is still here, life goes on, and there aren't any horsemen in the clouds.
Seriously, why do you keep posting that further declines in home prices are the end of the world? That's nonsensical. It's like saying that tilling a field destroys it. No, tilling breaks up old, hard dirt and allows for productive growth in the future. If this bubble doesn't burst completely, the country is in for a long slow decline. Our huge malinvestment in housing has already stolen a decade plus of productive investment - steal another and we'll be hard pressed to compete on the world stage.
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