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For bears. :-)
The number of homes that closed in May are down more than 5% compared to April.
Newly signed contracts in May dropped more than 10%, a sign of a real estate drought this summer.
Internet searches on real estate sites are down 20 percent compared to this time in 2009.
While total foreclosure activity is decreasing, the number of homes being repossessed by the banks hit a new record high.
The percentage of luxury home sellers who dropped their asking price at least once over the past 90 day period went from 33 percent in mid February to 38 percent at the end of May. |
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