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Pending U.S. home sales dropped to a new low in March, signalling the housing slump has yet to bottom out even as the spring sell season gets underway, an industry group said Wednesday.
On Tuesday, Fannie Mae, America's largest buyer of home loans, reported a $2.2 billion US first quarter loss, and its CEO said home prices in the period fell "faster than anyone anticipated." The company forecast a nationwide drop in home prices in 2008 of seven per cent to nine per cent.