Thursday, April 06, 2006

Housing Market "Dramatically" Slowing

"The real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices."

"If people who want to sell their houses have to wait a longer time before someone comes along and buys it, it would be a miracle if prices didn't start to go down."

"Rates for mortgages are 200 basis points higher than a year ago, the cost of heating oil -- we all know has gone up -- and taxes have gone up and expenses have gone up"


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