Wednesday, June 01, 2011

US home prices slump as crisis deepens

Looks like another "Recovery Summer".
WASHINGTON — US home prices have sunk below levels seen during the "Great Recession," according to data revealed Tuesday, sparking renewed pessimism about a key pillar of the spluttering economic recovery.

Unless you are selling a house in Washington or buying one in Minnesota there is little cause to celebrate the state of the US housing sector.

Despite ultra-low borrowing rates, experts say a steady flow of repossessed homes onto the market, tighter bank lending rules and high unemployment have kept prices at rock bottom.

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