State housing market slows.

Publication: Daily News (Los Angeles, CA)

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COPYRIGHT 2006 Daily News

Byline: Gregory J. Wilcox

Jun. 28--California's residential real estate market continued its decline in May with the median housing price making its first single digit increase in more than six years and a trade association on Monday issuing a big downward revision in its 2006 sales forecast.

The California Association of Realtors now expects the sales total this year to fall an annual 16.8 percent, 14.8 percentage points more that last September's forecast.

That would be the steepest drop since a 30.2 percent plunge 24 years ago.

But even if sales soften as much as predicted, 2006 would still be the seventh strongest year since record keeping began 38 years ago, said Robert Kleinhenz, the association's...

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