Slumping Home Sales: Lower Still

Home sales in the US are still falling, reaching lows not seen in decades. US real estate has taken a beating in the last 24 months due to the credit crisis and rising building costs.

The number of unsold homes on the market at the end of the month represented a 9.8 months' supply at the February sales pace, the same as in January. That was the highest inventory level in more than 26 years and reflects the fact that increased numbers of mortgage foreclosures are dumping even more homes on an already glutted market. Article.

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