The top is in for existing-home sales, which make up 90% of transactions in the US, according to economists at Bank of America Merrill Lynch. They cite worsening affordability, higher mortgage rates, and price cuts as reasons sales are unlikely to bounce back after peaking in November. They no longer expect existing-home sales to contribute to the economy's growth. The largest segment of the housing market has peaked and will no longer contribute to the US economy's growth, according to...
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