Real estate bubbles are like long-term ripples from a stone thrown in a pond. They take a little while to “hit”, as it were. It’s like an echo, or the “BOOM” from a firecracker. If you’re on a hillside a mile off from where a fireworks display is, the loud percussive sound of explosion that hits your ears will take a little while to get to you. You’ll see the flash first. It’s just the same with lightning. Also, with real estate markets. Things that impact global economies take a little while to hit real estate markets owing to the time necessary for a sale to take place
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