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Builders May Have Seen the Worst of Current Downturn
Although the current housing slowdown is expected to persist into the middle of next year, on a national basis builders may have seen the worst of the downturn, according to economists, a view substantiated last week by reports of new and existing home sales stabilizing in October.
“Although residential construction continues to sag, some indications suggest that the rate of home purchase may be stabilizing, perhaps in response to modest declines in mortgage interest rates over the past few months and lower prices in some markets,” said Federal Reserve Chairman Ben Bernanke in a Nov. 28 speech before the National Italian American Foundation.
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