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Americans are reluctant to purchase a home more than two years after the recession officially ended. High unemployment and weak job growth have deterred many would-be buyers. Even the lowest mortgage rates in history haven't been enough to lift sales. Some people can't qualify for loans or meet higher down payment requirements. Many with good credit and stable jobs are holding off because they fear that prices will keep falling. Sales of previously occupied homes are barely ahead of 2008's dismal figures
-- the worst in 13 years. And sales of new homes this year will likely be the worst since the government began keeping records a half century ago. Prices are likely to fall further once banks resume millions of foreclosures. They have been delayed because of a yearlong government investigation into mortgage lending practices. Foreclosures and short sales -- when a lender accepts less for a home than what is owed on a mortgage
-- are selling at an average discount of 20 percent.
[Associated
Press;
Copyright 2011 The Associated
Press. All rights reserved. This material may not be published,
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