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Home Sales Sagged in January as Prices Continue to Rise. What to Expect This Spring.
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It will be a chilly spring for first-time buyers if mortgage rates don’t fall, says one economist. Previously owned homes were sold at a seasonally adjusted annual rate of 4.08 million in January, according to National Association of Realtors data published Friday. “Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve,” Lawrence Yun, the trade group’s chief economist, said in a statement.
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