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Housing market slowdown expected to continue

For most of the year, analysts have been witnessing a significant slowdown in the housing market. Now, they're predicting that the trend could continue for longer than expected. If you think the housing slump is going to end soon -- think again. A new report from the National Association of Realtors says that housing sales should remain depressed through 2008 -- much longer than they originally expected. The group is anticipating an almost four percent drop in home prices from July to September, when compared to last year. That's much bigger than the two percent decline they were predicting just a few months ago. Prices will also slump during the fourth quarter -- off by a little more than one percent according to its estimates. Why is this happening? There's a huge glut of homes on the market right now. Sales are not picking up as people worry about getting a good mortgage rate and the economy. Officials say by the end of 2008, prices should be back to the record levels set during the third quarter of last year.

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