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US existing home sales fall to 15 year low

In a further reflection of difficulties currently being experienced by the US economy, it was revealed today that sales of existing properties fell to a 15 year low in the US. There was an unprecedented fall in the annual rate of existing property sales from June 2009 to June 2010 which equates to 27.2%!

This is a dramatic fall by any standards and concerns regarding the shape of the US economy continue to grow. This is being reflected in the US investment market which is also having an impact upon worldwide investment arenas. Even though much attention is being placed upon the likes of Japan and China, and other economies around the world, the US is still the engine room of the worldwide economy. The dramatic fall in the US currency, ongoing economic difficulties and criticism from within of the current US government is starting to have a major impact upon US consumer and US business sentiment.

The next few weeks and months will be vital for the future direction of the worldwide economy and the US is likely to dictate this future path. While we are in danger of "talking ourselves into a depression" the prospect of economic difficulties in all four corners of the globe is not one which fills investors, governments and consumers with confidence.

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