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July housing sales numbers—down 27% from the month before–sent shudders through government, businesses and the investor world. It was more evidence of a slowing recovery. Buyers pulled back without the expired federal tax credit incentive. Fears increased that housing values and sales may sag further, possibly setting off the dreaded double dip. Meanwhile, mortgage rates stand at all time lows and home prices have already dropped 30-40% in many places. So what does this all really mean?

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