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"Price Bubble is a Local Matter
The key thing you should know is that the pace and direction of real estate prices is a local matter — and little if anything reported about national trends is likely to apply to your local situation. It is important to know how to spot which way your local market is headed before buying or selling to avoid paying too much or getting too little from your equity.

Here are some tips on how to take the temperature of your local real estate market:

Check Housing Market Activity:
How many homes have sold last month compared to the month before? If the pace of sales is slowing for two to four consecutives months, this could be a leading indicator of a slow down in the local market. Records of homes sold is available with local land records that are maintained. A local realtor with access to the Multiple Listing Service can also provide this information. "

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