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US housing market back on track?

Posted on 20 July 2012

The pace of homebuilding activity is on the mend in another sign of healing in the US housing market. Builder “starts” on new homes reached an annualized rate of 760,000 in June, the Commerce Department reported Wednesday. That’s the highest level on that indicator since October 2008, when the nation’s economy was being gripped by a severe financial crisis.
The gains in homebuilding don’t mean the housing market has put all of its troubles behind it. Sales of so-called distressed properties remain high, and more than 1 in 5 mortgage borrowers owe more than their home is worth………………………………………..Full Article: Source


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