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Buyers Walking Away

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Sales volume through the first three quarters of the year was off 28%, but the fourth quarter results will be even more grim, Michael Stoler writes: "While many brokers and developers are hyping to the public that there are sales taking place, the truth, according to industry leaders, is that little or no sales activity has taken place since the fall of Lehman Brothers in September...Trade sources say that at least 10 percent of scheduled closings are not taking place due to purchasers' inability to secure mortgage financing." [Real Deal]