The economy is not booming and the real estate market is in trouble

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it's almost like wages haven't kept up with housing increases in most major cities and no one can afford to buy the top anymore

I was about to say, where's this "booming" at, I need some lol

Why do you think the economy is not booming? Record low unemployment and highest growth rate in the G7 by far (even adjusting for inflation)

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I don't think residential market is in big troubles...may be companies like Redfin are ;)