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Over generations, one truism of the U.S. housing market has been that mid-level home prices recover first, prior to the luxury market or upscale homes. And the logic implied in the above is obvious enough: there are more Americans in the middle-income market, hence there's a wider pool of eligible buyers, once these prospective buyers sense the time is right to purchase. The luxury market, because its drawing pool is so small, and niche-oriented, historically recovered later.
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