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March 7, 2021
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ON THE MONEY
(2007-08-30)
(wgvu) - THOUSANDS OF AMERICANS ARE FINDING THEY CAN'T
TAKE THE NEXT STEP IN THEIR LIVES BECAUSE THEY CAN'T SELL THEIR
HOUSES.
SOME ARE SENIORS TRYING TO DOWNSIZE FOR RETIREMENT. OTHERS ARE
YOUNG COUPLES TRYING TO MOVE UP FROM STARTER CONDOMINIUMS OR
GROWING FAMILIES THAT NEED MORE SPACE.
THE NATIONAL ASSOCIATION OF REALTORS HAS SAID THIS WEEK THAT
SALES OF EXISTING HOMES DROPPED FOR A FIFTH CONSECUTIVE MONTH IN
JULY.
LIVONIA, MICHIGAN-BASED QUICKEN LOANS VICE PRESIDENT STEPHEN
PIAZZA SAYS MANY PEOPLE ARE FINDING IT'S TAKING LONGER TO SELL THAN
THEY EXPECTED.
A SPIKE IN DEFAULTS IN MORTGAGES MADE TO PEOPLE WITH POOR CREDIT
HAS CAUSED LENDERS TO TIGHTEN THEIR STANDARDS. POTENTIAL BUYERS ARE
HESITATING, HOPING PRICES SOFTEN.

(COPYRIGHT 2007 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


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