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Housing Market Headed For "Broadest Slowdown In Years"

•, By Tyler Durden

For those who have been focusing on corporate earnings, the stock market and the global economy, a more ominous - if under-reported - flashpoint has emerged in recent days after some scary housing market numbers were published over the past week, or as Robert Shiller told Bloomberg"This could be the very beginning of a turning point." 

The housing market is showing signs of a downward slide after existing-home sales were down in June, sales hit their slowest pace in eight months, and mortgage rates are on the rise, causing usually restive buyers to stay patiently on the the sidelines. 

In reporting on the worrisome data released this week, Bloomberg notes that "the U.S. housing market — particularly in cutthroat areas like Seattle, Silicon Valley and Austin, Texas — appears to be headed for the broadest slowdown in years," due to a trend of buyers "getting squeezed by rising mortgage rates and by prices climbing about twice as fast as incomes, and there's only so far they can stretch."

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