''Foreclosures Still Haunt the Housing Market''

From Business Week

"Despite glimmers of hope in the unemployment statistics and other economic indicators, housing remains in a slump. New Commerce Department data show that new homes sales fell 1.6 percent in February, which follows a decline in January. The number of foreclosed homes on the market—and the threat of more to come—continues to drag down sales. “It is unlikely that home prices can recover on a sustained basis until the number of distressed properties is significantly reduced,” Steven Wood, president of Insight Economics, told Bloomberg News."

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