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US house sales fall to six-month low as property market recovery looks distant

Posted on 27 September 2011

New home sales in the US fell to a six-month low, as the biggest drop in prices in two years failed to persuade househunters to buy new rather than snap up repossessed houses which are on the market even more cheaply.
“Sales are very weak, and there will be very little improvement over the next couple of months,” said Celia Chen, a housing economist at Moody’s Analytics. “We expect a step up in distressed home sales, which will put more downward pressure on prices. It’ll be a very slow return to normal.”………………………………………Full Article: Source


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