Housing headlines are dominating the news in the United States just as the Nasdaq did in the late 1990s. And no wonder. Successive years of sizzling sales and spectacular price appreciation have given way to falling sales and starts, record inventories of unsold homes (new and existing), a plunge in housing affordability and a nationwide flattening out of prices.
The big debate is whether housing will a) stabilise at a lower level, b) slide for...
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