Topic: Housing market still hairy
We knew the housing market news was grim when the National Assn. of Realtors released numbers last week showing that existing home sales dropped 27.2% from June to July, a 15-year low. We knew things were even grimmer when Fed Chairman Ben S. Bernanke said recently that despite low interest rates and lower prices, the glut of foreclosed properties and difficulties getting mortgages were "likely to continue to weigh on the pace of residential investment for some time yet."