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August 20, 2008

Including foreclosures shows a grim housing market

  • Bank-owned foreclosed homes often aren't captured in the MLS listings, so the actual inventory of homes for sale is much greater than the stats reveal.
    AP Business Writer

    NEW YORK — As if the housing market wasn't scary enough, the record-setting surge in foreclosures could be distorting some of the closely watched housing data used to gauge the market's health.

    The foreclosure glut is making listings of homes for sale a less reliable indicator, because much of the distressed inventory might be left out. In addition, fire-sale prices for such properties may also be skewing volume figures.

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