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Market Watch: Housing's Batting Average Sinks Fast
Filed Jul 31, 2007 at 9:34 PM ·
The news for homebuilders, homebuyers, and investors has followed a downward trajectory for the two years since then. In fact, you might say housing was now hitting below the infamous Mendoza line. That's baseball talk for a batter hitting below .200. For instance, from its peak above 1,300 in July 2005, the S&P Homebuilder's Index is now below 575. And home prices are dropping like stones, as shown by the latest numbers from the S&P/Case-Shiller index. This bad news for homeowners causes larger problems for the U.S. economy.
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