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Homebuying softens as market idles

from By Michael J. Berens

Purchases of existing single-family homes remained flat in August as the gap between consumer demand and affordable inventory widened. New home sales rose for the first time since May, but figures for June and July were revised downward. With many would-be buyers unable or unwilling to purchase a home at current rates, pressure has been building to lower costs. And housing prices, while not yet receding, have begun to rise more slowly in some parts of the country, perhaps an indication that the market is hitting its peak. more

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