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crash2006

Wall St Falls On Poor Homes Sales

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Wall Street stocks were trading lower on Monday morning, after a report said sales of existing homes dropped for a fifth consecutive month in July, falling to the slowest pace in nearly five years, while house prices have fallen in every month of the past year.

yet the bbc say different.

http://www.ft.com/cms/s/0/048a5462-5497-11...00779fd2ac.html

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“In this environment prices would be falling even if all was well in the mortgage market, so in today’s troubled circumstances we have to expect steep declines for the foreseeable future,” said Ian Shepherdson, chief US economist at High Frequency Economics.

Oh dear the future certainly isn't orange, when the USA farts we smell are they say. <_<

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The existing home sales figures came in slightly above expectations, so the drop on Wall Street can't directly be put down to that. In addition, the median house price was steady in July compared with June and while prices were marginally down (-0.6%) on July last year, they are up nearly 9% from the beginning of this year. Markets were poised for a surprise to the downside today and didn't get it and in a way today's figures make it more difficult for the Fed to justify any cut in interest rates.

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