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Phase One - The bottom, Real estate is a bargain. Phase Two - Prices start to climb, buyers start to notice, demand drives prices up, real estate becomes over valued Phase Three - Prices peak and level off Phase Four - Prices begin to fall, demand falls, buyers hold off until real estate is under priced again We are currently in the last stages of phase 4 with the National Association of Realtors predicting a bottom 6 to 9 months into 2008 and home prices will remain flat for a period of time... Read Full Post