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U.s. Home Resales Fell 0.4% To 9-year Low In January

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Feb. 25 (Bloomberg) -- Sales of existing homes in the U.S. fell last month to the lowest level in at least nine years, signaling the housing slump is deepening and will weigh on growth in 2008.

Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington. The group began record-keeping for this measure in 1999.

Mounting foreclosures are adding to a glut of unsold homes that is driving down property values. Would-be homebuyers may be waiting for even lower prices, keeping the housing market depressed for a third year and dragging the economy close to a recession.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

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Feb. 25 (Bloomberg) -- Sales of existing homes in the U.S. fell last month to the lowest level in at least nine years, signaling the housing slump is deepening and will weigh on growth in 2008.

Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington. The group began record-keeping for this measure in 1999.

Mounting foreclosures are adding to a glut of unsold homes that is driving down property values. Would-be homebuyers may be waiting for even lower prices, keeping the housing market depressed for a third year and dragging the economy close to a recession.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

This reminds me of that Maureen Lipman BT ad from years back, "An ology. He gets an ology and he says he's failed. You get an ology, you're a scientist!"

http://money.cnn.com/news/newsfeeds/articl...73_FORTUNE5.htm

MARKET SNAPSHOT: U.S. Stocks Up; Housing Data Not Quite As Bad As Thought

February 25, 2008: 10:55 AM EST

U.S. stocks pulled higher Monday after data on the troubled housing industry proved slightly less bleak than predicted, and renewed activity appeared in the deal-making front.

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Feb. 25 (Bloomberg) -- Sales of existing homes in the U.S. fell last month to the lowest level in at least nine years, signaling the housing slump is deepening and will weigh on growth in 2008.

Resales declined 0.4 percent, less than forecast, to an annual rate of 4.89 million from a revised 4.91 million in December that was higher than previously reported, the National Association of Realtors said today in Washington. The group began record-keeping for this measure in 1999.

Mounting foreclosures are adding to a glut of unsold homes that is driving down property values. Would-be homebuyers may be waiting for even lower prices, keeping the housing market depressed for a third year and dragging the economy close to a recession.

http://www.bloomberg.com/apps/news?pid=206...refer=worldwide

That is definitely good news. Most of the other indexes are at 25 year lows. :D

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  • 295 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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