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As 2010 comes to a close, people are looking at some of the most popular trends of the last decade.

The website WalletPop.com has a list of the biggest fads of the last 10 years, and most people can identity with some of the items of the list.

Here are our favorite fads of the past decade:

1. McMansions

Oversized homes began looming on suburban landscapes in 2001, with 3,200-square-foot ersatz palaces becoming the norm among real estate developers. But in 2007 that trend started to fade along with the economy, and newly built homes were more modestly sized.

But bigger homes may return when the economy turns around, says the Christian Science Monitor. During recessions, the average size of new single-family homes typically shrinks, but then expands again once the economy recovers. So get ready, this is one fad we may see again.

2. House Flipping

The housing boom that started this decade was caused in part by house flippers, who would buy a home and then quickly sell it at profit. This contributed to home prices going up and, in many cases, new buyers landing mortgage loans for amounts, it turned out, greater than the worth of the properties.

A fraudulent variation on this practice, the Sarasota Herald-Tribune reported, led to $10 billion in suspicious deals in Florida alone.

House flipping continued during the recession as real estate prices dropped. Like carpetbaggers after the Civil War, house flippers then sprung up to buy foreclosed homes and quickly sell them for a profit. Foreclosed homes can still be found at 30% to 60% below market value, making this a fad that’s continuing in the new decade.

3. Wristbands for a Cause

Though they’re also used in corporate marketing and showing loyalty to a sports team, wristbands made a big impact by being worn for a cause, such as the yellow Livestrong wristbands in support of combatting cancer. The Lance Armstrong Foundation issued them in May 2004, and about 55 million were sold.

Various causes have embraced them as fund-raisers, producing them in various hues–such as pink for breast cancer awareness. The trendy wristbands are even sold as a way to help the unemployed find jobs.

The sweaty and sometimes uncomfortable wristbands even have a mock endorsement from Stephen Colbert, who designed one to support awareness of wrist-related injuries. Just don’t call them bracelets.

4. MySpace

Once at the top of the social networking game, MySpace is now branding itself as the “leading social entertainment destination powered by the passion of fans.” But passion isn’t going to pay the bills.

The site was handily surpassed by Facebook, in terms of users. Facebook now has more than 500 million active users and MySpace has 18 million.

5. Crocs

The strange-looking plastic shoes with wild colors and odd holes in them have been widely criticized for being downright ugly, yet millions of pairs have been sold.

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article courtesy of Walletpop.com/Newsnet5.com

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