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- Home sales in the US are slowing, and the boogeyman is affordability.
- Americans are spending the most money in almost a decade on mortgage payments as a share of their incomes, according to Morgan Stanley.
- Economists have been expecting home prices to eventually slow, but the market isn't budging.
More evidence of a slowdown in the housing market came through this week.
The latest data on sales of new and existing homes slowed more than economists had expected for a second straight month. During three quarters out of the past four, there was a decline in residential investment, which includes construction and brokers' fees.
See the rest of the story at Business Insider
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from Business Insider https://ift.tt/2o6HkkB
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