I have set searches on the major real estate listing sites too, and they email me little capsule updates every morning: listings sold, listings with price dropped, new listings in your parameters. I have noticed that just in the last few weeks, the number of listings in those updates has fallen off. One listing instead of five. So the thing is already in motion, I think-- the first little pebbles falling, before the rockslide. There's a lag for bankruptcies, but we're off the starting block already and there is no going back.
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