prices in the crisis

I recently spoke to an American friend. We both had just gotten back from a visit back home so during the usual updates he said that his dad just sold the family house but for a long time had a hard time selling because the prices were so low. What convinced him it was as good a time to sell the house as any was my friends remark: Since all his dad wanted to do was sell a house to buy another one it did not really matter how much he got for the house so long as he can get another house just as good as the first one to begin with. This seems to be a common story in the American housing market as this Fed paper shows.

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