U.S. stocks fell and the Dow Jones Industrial Average lost more than 200 points for the second time in three days after the International Monetary Fund said there is no end in sight to the housing slump.
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U.S. Stocks Tumble Led by Banks on IMF’s Housing Outlook:
Bloomberg, July 28 2008
I’ve been meaning to go over some of the details in last week’s Housing data. I was surprised to hear several commentators discuss the imminent turnaround in Housing. Mind you, these were the people who missed the entire significance of Housing before the collapse, who insisted it was contained, and would not infect anything else….Read More