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Home Prices carry more weight on rising inventories |
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Thursday, 14 September 2006 |
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Downward pressure on home prices is continuously experienced in inventories of unsold homes. This is in many parts of the US. Inventories of homes such as the 18 large metropolitan areas expand by 3.5% according to ZipRealty Inc.
This is based on single family homes and condominiums in local multiple listing services of homes for sale.
The biggest increases included 8% in Orlando, 6.4% in Seattle, 6.1% in San Francisco and 5.6% in Miami.
Home sales have plunged over the past year in many areas where prices had soared over the preceding five years. The persistent weakness has prompted housing experts to say prices will have to decline more to revive sales.
Edwina Baniqued
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