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Unformatted text preview: 38.8. Economists surveyed by MarketWatch had expected a November reading of 39. In November 2007, the confidence index stood at 87.8. However, in housing market, spending plans among American families have been crippled by plummeting housing prices. There was more bad news on this front, with the Case-Shiller home price index showing that home prices in 20 major U.S. cities in September had fallen a record 17.4% from the previous year. Phoenix has had the largest decline, down 31.9%. This drop frighten consumers as their house’s value is lowering, and they tend to save more, thus decreasing their spending....
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This note was uploaded on 03/10/2011 for the course ECON 101 taught by Professor Duc during the Spring '05 term at Linfield.
- Spring '05