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Million-dollar homes: Down on Main Street

The Beach Bungalow
Source: Joe Quintanilla

As millions of Americans head home for the holidays, home sales will likely fall into their usual seasonal slumber. While a new house might be on many wish lists, it is not historically a popular holiday gift.

Housing sales actually began to slide in September and October as rising mortgage rates and uncertainty over the D.C. budget crisis left many potential buyers wary about added financial risk. The positive momentum of last spring and summer "continues to lose steam," according to a Fannie Mae report on attitudes toward housing in November.

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