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Real Estate Update: Still Weak

More signs of housing market weakness emerged this morning. The Commerce Department said housing starts dropped 10.6 percent to a seasonally-adjusted rate of 523,000 homes per year, far worse than analysts had predicted. The report comes one day after the National Association of Home Builders reported that builder confidence remains very low--its housing market index (HMI) was unchanged at 16 in May. Any number under 50 indicates that more builders view sales conditions as poor than good.

I discussed the current state of the housing market with CBS television this morning. Hang on to your hat--the slide in housing continues...

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