"Another false dawn? That's what December looks like, considering the dismal performance of the existing home market last month," Larson wrote in a research report. While tight credit and waning consumer confidence continue to depress home sales, the biggest challenge facing the housing market is unemployment, Larson said. "If Americans are worried they won't have a job next month, next quarter, or next year, you've got a real problem," he said. "It doesn't matter if mortgage rates are 3% or 8%. People just aren't going to buy many houses." To top of page

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