More bad news for the housing market. This of course is more bad news for the financial sector, which is now struggling with commercial real estate problems as well, and is likely to stall further economic recovery.
The housing market is having a winter of major discontent. Millions of homeowners owe more on their mortgage than their home is worth on the current market, a real problem for those who want to sell. New-home sales are at a record low, in large part because so many homeowners who might buy new homes don't want to venture into this market to sell their existing house.
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