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Home sales in the United States plunge by 8.5% in March
The spread of the novel coronavirus disease has resulted in the sales of existing homes to register a steep decline of 8.5% in March due to real estate activity getting stalled. There has been a fall from the sale of 5.76 million homes in February to 5.27 million in March.
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With the oil prices also down, markets are getting double ended with both consumer segment and industry getting hit. This might add to likelihood of a more sever recession. Staples and health care are probably already overbought.