A slump in America’s housing market deepened in November, as buyers shunned both new and previously owned homes. At the same time, the median prices for houses posted their steepest monthly drop in four decades, according to reports released Tuesday.
Sales of existing homes declined 8.6 percent last month, to a seasonally adjusted rate of 4.49 […]

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With housing prices crashing in the U.S., homebuying trips to America are becoming one of the more popular tour-group packages in China.
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Troubled German lender Hypo Real Estate Holding AG on Saturday announced plans to cut about 1,000 jobs, more than half its current work force, by 2013 as it cuts costs following a government-backed rescue.
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Reuters - With the $500 of monthly savings Jim Hennessy of San Diego gained by cutting the rate on his $417,000 mortgage, he plans to rebuild his beaten-up retirement account and maybe even take a cruise.

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AP - Roland “Rollie” Walker, the owner of southern Utah’s largest incomplete subdivision, is being forced to sell the trees to keep his project afloat. Creditors are posting foreclosure notices on his land, and banks are refusing to loan him money.

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As foreclosures and layoffs force families out of their homes, school districts across the nation are struggling to deal with a dramatic influx of homeless children.
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Reuters - Bond fund Pacific Investment Management (Pimco) has turned down a debt-exchange offer from GMAC LLC, threatening the auto and mortgage finance company’s bid to qualify for U.S. government funds, the Wall Street Journal reported.

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AP - Diane Shackle found it gut-wrenching to walk away from a mortgage she took out in times that were better for both her and the U.S. economy.

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