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Staff Reporter 1 minute read

Home sales in the US dropped by 2.6 per cent – the lowest level in three years – according to data from the National Association of Realtors.

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The Australian reported that the decline was due to sub-prime lenders tightening their criteria in the wake of the crisis in the US high-risk mortgage market. The Bank of America remains upbeat, claiming the crisis won’t affect the housing market in the long term.

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