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July 9, 2008

Housing recovery: Realtors say we're not out of the woods

  • While home sales are likely to fall to their lowest point late this year or early next year, any recovery is likely to be weak through at least 2010.
    • By ALAN ZIBEL
    AP Business Writer

    WASHINGTON — Signs are emerging that the U.S. housing market's long slump is likely to fester through the summer, and the real estate market may not recover for at least another year.

    The latest report, the National Association of Realtors' pending home sales index, slipped by 4.7 percent in May to the third-lowest reading on record. The decline “suggests we are not out of the woods by any means,” said the trade group's chief economist Lawrence Yun.


     
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