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It?s not over yet in housing as the recent July sales reports of new and resale homes hit lows not seen for three years. The July numbers were off by twenty percent from the previous month in Southern California with other reports showing similar declines as new and re-sale home sales fell sharply across the country for the month of July. The supply of houses currently for sale would take over ten months to sell at current demand levels with indications that the time frame could extend to a year in the near future. The high for this metric was 11.2 months in February of 2008.
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