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| gartman had a good take on it the last couple days. It is human nature not to unload somthing at a loss or less than what it could have been sold for, be it a stock, corn, beans, wheat etc. Same with homes. Alot of mortgages are under water and no one wants to take a loss and will ride it out. If a factory worker gets laid off and finds a job at another location, it is human nature to keep the old house instead of selling at a loss, even though it is a strong possiblity a replacement can bo bought somwhere else 30% lower. Only difference is if there are jobs in one area those home may not have as big of loss so people will hang on to the old and find alternative housing in the new location, i.e rent etc. or in many cases not even move at all. | |
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Nobodies talking about the New home sales?
