Bubbles have silver linings because the infrastructure built during bubbles — the physical infrastructure and the cultural infrastructure — doesn't get torn down after they pop… All that new construction and renovation (fueled by home equity lines of credit) has upgraded the nation's housing supply… Towers of unsold condos in Miami won't be torn down. They'll be turned into hotels or office buildings… New services… like mortgage websites where lenders compete for the business of individuals, or Zillow.com, the wildly popular service that uses public data and sophisticated algorithms to appraise home values… empower consumers and contribute to greater transparency in the housing market.
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