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Housing affordability overwhelmed by lack of confidence

Posted on 19 August 2011

Thursday’s report that sales of previously owned homes fell by 3.5% in July is bad news for the housing market because pending sales—signed contracts for home purchases—had increased in May and June.

The report is also troubling because mortgage rates are falling to their lowest levels in more than 50 years. So while housing is more affordable than at any time in the last 15 years, demand doesn’t appear to be benefiting……………………………………….Full Article: Source

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