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COMMENTS: Sun Belt Bust
After yesterday's "sliver of hope," as ABC's Sharyn Alfonsi (no link) put it, referring to February real estate statistics, the full scope of the decline in the housing market was underscored by rival statistics from Standard & Poors. Both Alfonsi and NBC's Martin Savidge covered the ten-city survey that revealed a nationwide bear market. Prices are falling at an average rate of 11%, with the Sun Belt hardest hit: both reporters focused on Miami, Las Vegas, San Diego and Phoenix. "This is the bust many cities feared after a frenzied building boom peaked three years ago," Alfonsi concluded.
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