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Housing slump deepens as new home sales hit record low
The Commerce Department reports February new home sales at a record low for the fourth straight month, while existing home sales fall for a third consecutive month. Builders slash construction, foreclosures flood the market, and prices decline from July 2006 highs. Bank of America moves to cut foreclosures, aiding some borrowers but risking new defaults.
MENTIONED IN THIS ARTICLE
Commerce Department
Joshua Shapiro
U.S
MFR Inc
National Association of Realtors
National Association of Home Builders
Bank of America
Houston