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Published online by Cambridge University Press: 07 October 2021
Housing and the economy began to show obvious problems in the second half of 2007. Housing prices nationally leveled off after their 45% run from 2002 and declined 11–14% in the high growth areas of Los Angeles, Phoenix, and Las Vegas. While Miami declined just 5% in 2007, six months later it was down 24%. New home sales in 2007 dropped 50% from 2005. In California, housing starts fell by two-thirds from 2005.
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