Gloomy forecast for U.S. housing market

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Nationwide, the home foreclosure rate is expected to continue increasing for at least one more year, while home prices are expected to rise until 2010, according to the chief economist of Freddie Mac. This prediction conflicts with the observations of the market’s behavior locally; the median home price in Palm Beach County increased for the second month in a row in February, while nationwide it fell 8 percent.

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