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10/23/2018

Home-Sales Slump Lifts Apartments

Slumping home sales and rising interest rates are brightening the outlook for apartment and home-rental stocks.

On Friday, the National Association of Realtors said sales of existing homes in September fell 3.4% from the previous month and 4.1% from a year earlier. The seventh-consecutive monthly decline was steeper than economists had expected and marks the latest in a string of data points that call into question the housing market’s momentum.

 

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