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Housing Slowdown - Healthy Signal or Coal Mine Canary?
Wednesday, August 5, 2015
Redfin, a multi-state real estate firm based in Seattle, says
it is seeing "signs of an enduring slowdown" in the housing market. This isn't necessarily bad the company says,
citing anecdotal information about bidding wars and mammoth profits rung up by
short term owners. Slowing could mean a
normalization of the housing market.
Or it could be another indication that the economy is
slowing as well.
Redfin's Housing Demand Index tracks home tours and purchase
offers in 15 metropolitan areas served by the company. It showed a 6.7 percent drop in June, a far
steeper decline (albeit from a far higher level) than at the same time last
year. The company says it expect prices
to grow at a modest 2.2 percent in August (we assume that is an annual
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