Real Estate Turning Point?

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FILE - Luxury towers that dominate the skyline in the Dubai Marina district, center, and the new Dubai Harbor development, right, are seen from the observation deck of "The View at The Palm Jumeirah" in Dubai, United Arab Emirates, Tuesday, April 6, 2021. A global body focused on fighting money laundering on Friday, March 4, 2022, placed the United Arab Emirates on its so-called "gray list" over concerns that the global trade hub isn't doing enough to stop criminals and militants from hiding wealth there. Real estate is one sector analysts say is ripe for hiding those funds. (AP Photo/Kamran Jebreili, File)
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New home sales are not doing well–yet another sign that a major economic shakeup is on the way.

New residential sales last month declined 16.6%. The National Association of Home Builders says rising mortgage rates and affordability challenges are to blame. The decline was the biggest drop since 2013, and the rate of sales was the lowest in two years.

According to the National Association of Realtors, existing-home sales in April fell to their lowest level since early in the pandemic.

Click ▶️ to listen to Jamie Jackson’s report: 

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