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The Long-awaited Housing Slowdown Has Begun In The Us

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WASHINGTON (Reuters) - U.S. home sales will drop in 2006 as mortgage rates climb and house prices inch up at rates far below those notched last year, a trade group said on Tuesday, noting the long-awaited housing slowdown has begun.

The outlook from the National Association of Realtors came shortly after luxury home builder Toll Brothers Inc. (TOL.N: Quote, Profile, Research), widely seen as a bellwether for the housing market, slashed its sales forecast for the second time in three months.

Home builders' stock prices dropped and the U.S. Treasury market got a brief lift on worries about a slowdown.

The Realtors' chief economist, David Lereah, said sales of existing U.S. homes should slide 4.7 percent to 6.74 million units this year, down from a record 7.07 million in 2005. That would also be below the 6.78 million resales posted in 2004.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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