Signs That the Housing Market is Not Turning Around
By Staff -- Purchasing, 8/16/2007
- Existing home sales continue to decline
- Mortgage applications hit five-month low
- Mortgage originators have tightened underwriting standards in response to mounting defaults and foreclosures
- Mortgage giant Countrywide Financial posts 33% decline in 2Q profit
- Building materials maker USG predicts "multiyear downturn" in housing and shut down 350 million square feet of wallboard capacity at its Detroit operations
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