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US home prices fall and sales of new homes drop as foreclosures weigh on housing market

Posted on 25 April 2012

Rising foreclosures are weighing on the U.S. housing market, reducing prices and keeping new-home sales weak. Foreclosed homes are usually sold at steep discounts, thereby lowering average prices. And by expanding the supply of low-priced previously occupied homes, foreclosures tend to limit demand for new homes.
Some economists expect foreclosures to keep prices under pressure this year, even though they think sales of previously occupied homes will rise………………………………………..Full Article: Source


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