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Originally Posted by koop
New-home sales tumble 11.3% in November
WASHINGTON (Reuters) — Sales of new homes fell 11.3% in November, biggest decline in nearly 12 years, as the number of houses for sale hit a record high, according to a government report on Friday that offered more evidence of a cooling housing market.
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Thats simple....because housing prices in many markets have had shacks being beyond the buying power of average mortals....
Not enough rich people left to pay the prices....popgoes the bubble. You can't keep up 25% + anual price increaces when peoples paychecks barely increaced much more than 3-5% over the same period.
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Proud owner of ....
1971 280SE W108
1979 300SD W116
1983 300D W123
1975 Ironhead Sportster chopper
1987 GMC 3/4 ton 4X4 Diesel
1989 Honda Civic (Heavily modified)
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Section 609 MVAC Certified
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"He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you." - Friedrich Nietzsche
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