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COMMENTS: Gamblers Tap Out
The day after American Home Mortgage went bankrupt, NBC's Lee Cowan found more "jitters" as unfounded rumors spread that Beazer, a homebuilder, was going under too. "Just last year homes in the nation's top 20 markets were appreciating by about 15%. Since then it has been a steady drop. Homes are now depreciating by as much as 3%." And ABC's Miguel Marquez noted that nowhere are things harder than in Las Vegas, where speculators were left holding the bag as the demand dried up. In Nevada so far this year, Marquez found, one home is foreclosed out of every 69 in the state's housing stock.
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