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Runs up to about 40% in South Carolina, in the third quarter

By Andy Owens
aowens@scbiznews.com
Published on 14 October 2010

Executions in South Carolina were more than 39% in the third quarter compared to the same period in 2009, a real estate tracking firm reported national today.

RealtyTrac, which published its quarterly report on the national beleaguered housing market, also showed that the foreclosure filings distressed properties in State rallied around 13% of second quarter for the third quarter of 2010.

One out of every property 195 houses in South Carolina had at least one deposit against him in the third quarter, show data of RealtyTrac. Nationally, closing numbers fell by almost 1% since the third quarter of 2009 and 2010 Q3. on a monthly basis, foreclosures jumped more than 25% in September than in the same month in 2009.

All these numbers could change dramatically in the coming months whether crossing a national stop on foreclosures.

State of the United States Officials are investigating the actions of mortgage companies after some lenders said that there was a problem with unverified information and possibly spoofed in closing documents.

Shutdown problems escalated during the week after Bank of America, JPMorgan Chase and GMAC Mortgage voluntarily put a halt in executions until they could review their roles and processes.

"Whether creditors may resolve the problem of documentation quickly then we'd expect the temporary truce in foreclosure activity to be followed by a parallel increase in activity as many foreclosures late next in the process of foreclosure," said RealtyTrac CEO James j. Saccacio.

Distressed assets represent almost one-third of all home sales, RealtyTrac data show.

Many of the most populous state municipalities saw more foreclosures in the third quarter of 2010 than in the third quarter of 2009, with two exceptions. Richland counties and Greenville had fewer in the second quarter of 2010 and in the third quarter of 2009. less populous Newberry County also fell in both columns.

Executions in South Carolina
The chart below shows percentage changes in foreclosures in selected municipalities in South Carolina.County

The Grand Strand
Georgetown
Horry

Lowcountry
Berkeley
Charleston
Dorchester

Midlands
Lexington
Newberry
Orangeburg
Richland
Sumter

Upstate
Anderson
Greenville
Spartanburg

Statewide

chg.% Q2 2010

-2.56%
% 84 11

% 32 79
-2.82%
% 37.92

15%
-29.03%
% 15.29
64%
% 35 03

88%
-11.44%
-% 19.78

12.67%

chg.% in Q3 2009

% 58 33
% 107.68

% 58 07
% 28 71
64% 102.

% 42 38
-% 55 10
-7.55%
-8.34%
% 54 74

% 152.24
-6.85%
% 212.77

evaluation%

Source: RealtyTrac

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Real estate: number of foreclosures database property in Washoe County rises 73 percent in September

Washoe County saw a significant foreclosures jump in September just as the spectrum of fraud investigations against foreclosure loan servicers gain momentum across the country.

A fall in the number of standard listings wasn't enough to curtail the global activity in distress in Washoe, which Posted 1.513 notifications related to the closure of the month, according to RealtyTrac tracker national exclusion.

The number, which includes the notice of default, trustee sale notices and bank owned foreclosures, represents an increase of 21% in August.The increase was spearheaded by bank owned foreclosures, which increased by 73 percent to 373 archives. notices of trustee sale or auction also increased 34 percent to 531 archives. notice of default filings decreased 4.5 percent to 609.

The trend was reflected by the numbers across the country as well, according to RealtyTrac.

"Lenders ended a record number of properties in September and in the third quarter, taking a bite of distressed properties delay where the shutdown process was delayed by deletion prevention efforts of the past 20 months," said James j. Saccacio, Executive Director of RealtyTrac, in a statement.

The good news is usually have targeted foreclosures down from the peak in July 2009, said Brian Kaiser, a housing and real estate analyst at the University of Nevada, Reno's Center for regional studies. However, the numbers are still "very high" to be considered healthy for the area, added Kaiser.

Kaiser "is encouraging the fact that they seem to be trending down," he said. "Still, these numbers are very volatile and have been lately all over the place."

Foreclosure activity rate of Washoe one in 118 housing units is even better than the rate of Nevada one in 69 housing units-which led the nation to 45 months straight. still, Washoe rate is three times higher than the national average.

Meanwhile, ongoing investigations against lenders and servicers documentation incorrect shutdown could have a serious impact on the industry, including the blocking of legitimate foreclosures. the issue of documentation, which has attracted investigation in federal and State levels, potentially could boost the shadow inventory if not resolved quickly, said Saccacio.

"Whether creditors may resolve the problem of documentation rapidly, then we would expect the temporary truce in foreclosure activity to be followed by a parallel increase in activity as many foreclosures late next in the process of foreclosure," said Saccacio. "However, if the issue of documentation cannot be resolved quickly and expands to more lenders, we could see an effect of cooling the overall structure of the market as sales of pre-foreclosure properties and foreclosed homes — who are responsible for almost one third of all sales-secam and the shadow Properties distressed inventory grows.(This will cause) more uncertainty on domestic prices."

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Process of D.C.-tax of auctioning is a marathon of buildings

With the closure of the residential market leading news moratoria, a special type of closure is going full speed ahead: AD-sales tax foreclosures. The District of Columbia and neighboring jurisdictions hold annual tax sale auctions to collect delinquent taxes on real estate.

The rationale for these auctions is often forgotten by animated buyers, investors, speculators and distressed owners. Although many participants believe, auctions are not designed to be lucrative real estate investments or public humiliations to taxpayers dilatory.They are designed to collect taxes, nothing more and nothing less. the concept of caveat emptor (let the buyer beware) prevails.

District Auction was held the third week of September.For its completion, the neighborhood had collected more than $ 11.2 million in tax revenue; 1248 District owners were on their way to lose the title to their properties and 66 successful bidders were beginning to their Odyssey through the process of shutting down D.C.-sales tax.

There are many myths surrounding this process I'll try to debunk:

Myth 1: A bidder can walk at auction, a few thousand dollars to the nomination and exit the owner of your dream home.

Fact: Historically, 95 percent of all properties sold these auctions are redeemed by the owner or abandoned by the bidder prior to issuance of a title of sales tax. It is not uncommon for closing fiscal cases-sale to drag by two or three years after the auction and cost thousands of dollars in legal fees, judicial deposit rates, serving and publication process and other costs.The most attractive properties are purchased by professional investors with millions of dollars to invest that researched every piece viable property on the auction block. Thus, the chances of catching a habitable House on the cheap aren't very good.

Myth 2: successful bidders win 18 percent interest per year on their investments.

Fact: while it is true that, if the property is rescued by the owner, the investor receives interest of 6% per year, this amount applies only to that part of the successful bid tax. However, for the vast majority of properties auctioned, the successful bidder should throw a substantial surplus above the delinquent tax amount to be the winner of the auction. bidders do not receive any interest on that excess.In practice, this represents an interest-free loan to the district this year, the district collected a total surplus in excess of $ 2.1 million.

Is typical of bidders bid more than the value of tax delinquent.So, for example, if the underlying tax delinquent is $ 800 (the smallest amount auctioned) and bidder lance a surplus of $ 4000, the annual yield on investment of r $ 4800 is 18 percent, but a mere 3 percent.This income is reduced further in practice because the district has six to eight weeks to remit the redemption value.

Myth 3: after a property is sold in auction sales tax, the owner has lost.

Fact: If the owners don't redeem their properties in strict accordance with the regulations of redemption, they can lose their properties.However, there are many opportunities for a period of several months, even years, to redeem its properties owners after the auction.

There is no term reiteration of redemption.The property can be changed at any time while the DC superior court issues an order closing on a delete action sale tax. to redeem the property, the owner must pay the district all outstanding taxes, penalties, interest, reviews, rates, costs and expenses, which may include invoices of immovable property, special assessments, invoices of nuisance, water and sewer bills and any other bill or statement issued by any agency of taxation.The owner also redemptive shall repay the tax-certificate holder of selling all legally recoverable fees and costs, including reasonable attorneys. Since these payments, the property owner must request a certificate of redemption, which then must be registered in the Office Recorder of deeds of the district.

Myth 4: if I am a successful bidder in the auction sales tax and got my certificate sales tax district, I own the property.

Fact: before you can convert a sales tax certificate in a deed of sale District Attorney, you must successfully pursue a shutdown process sales tax, which requires that you comply with all kinds of protections due process.Without an action, he cannot enter the property or take any action as owner, as the collection of rent existing tenants.As part of the process of closure, you must process the registry owner and all parties having any legal or equitable right in property, including creditors, Trustees, the Mayor and Distrito Federal. to process these parts, you must have all of them personally served with paperwork, lawsuit, unless the Court to grant any other type of service of process. you should also send a copy of any other person that may have an interest in property. you must have the paperwork lawsuit physically posted on property and provide the Court with clear photographic evidence to complement the sworn testimony of the person posting the paperwork. you must present the suit six to twelve months after the auction.

Assuming this Grove of protections for due process does not result in owner appearing and redeem the property, you can obtain a judgment foreclosing rights of all parties of redemption .you should serve this order in the District Office of tax and revenue and request and pay a sales invoice to pay all taxes and request a sales tax action.

The final step of this Odyssey is to get the sales tax deed and recording it with the Registrar of deeds. Once recorded, then and only then, you can move into your "home sweet home".

As you can see, the auction process sales tax is not for the faint of heart or impatient.

hjacobs @ jgllaw.com

Harvey s. Jacobs is a real estate attorney in Rockville Office of Joseph, Greenwald & Laake. He is an active investor, developer, real estate, landlord and lender settlement Attorney. this column is not a lawyer and should not be treated without getting your own lawyer.

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Real estate news: Housing Recovery at Risk

Coldewell banca AustraliaHouse day: Gold Coast Luxe: This contemporary House of approximately 20 thousand square meters in Australia presents such great amenities like a glass elevator, indoor waterfall, squash courts and a swimming pool of 41 feet.

Here's a look at real estate news in today's WSJ:

GMAC expands foreclosure review all 50 States: GMAC Mortgage is launching an independent review of real estate in all 50 States and examining the exclusion sales across the country to ensure procedures and documentation are accurate.

Document questions Cloud recovery: Some some real estate agents say that housing recovery is at risk because closing sales have slowed amid concerns about the extent to which banks filled closing fraudulent documents.

Probe Targets Foreclosure paperwork: a probe of Florida is focusing on paperwork by an enterprise of Georgia mortgage processing that may have infected tens of thousands of foreclosures.

Land Bét Besets D.E. Shaw: known for its obsession with computer-driven investing, D.E. Shaw surprised many manufacturers of real estate business in late 2006 uniting in a development project of New Mexico.Now, the hedge fund company is faced with a more or less loss of $ 100 million.

Blackstone in Hotel Hunt: Blackstone is taking aim at 14 hotels belonging to Colombia Sussex in the most recent case of the investment firm buying in an active market trough Hotel sold at the peak.

Plots & Ploys: Starwood poised to clinch victory: the Group intends to take control of resort 166 rooms in Anguilla after completing your purchase mortgage development with a discount on the week.

German: Funds reopen or close? German open real estate funds that froze redemptions two years ago are facing a shake-out as a term reopen or settle looms, KanAm Grundinvest already is closing a fund based on the dollar.

Chinachem plans hotel: Chinachem paid a price record for a noble residential site in Kowloon in an auction of government lands, highlighting the strength of the real estate market in Hong Kong.

Two indices, two views on Commercial Real Estate: Green Street Advisors says that the commercial real estate market hitting bottom in mid-2009. Moodys says that it is not as fast. What are investors to do?

JP Morgan Profit Tops forecasts: JP Morgan Chase's third quarter profit increased by 23 percent but revenue balances and loan show that haven t banks nation s found loyally. the Bank also found errors in the form of its mortgage division. testimonials

Deal of the week: China Flashes Cash in US $ 400 million American citizen born in China David Liu in U.S. real estate investments do not count as shopping Chinese, but China has become a great player.

Destinations Hong Kong housing policy: Chief Executive Donald Tsang Hong Kong said the Government will temporarily restrict immigration to the city based on real estate investments, in a move to cool the price hike of ownership.

Smart Money: how to navigate the foreclosure freeze: so far, foreclosed homes offered cheap buyers an entry in the real estate market but the recent foreclosure freeze announced by several large lenders make agreements in all 50 States pending more tenuous.

Last Madoff Home finds a buyer: a buyer was not found for the House of Madoff last on the market, in Palm Beach, as the Government sells off property to reimburse investors victimized by Bernard Madoff Ponzi scheme.

Home of the day: Gold Coast Luxe: This contemporary House of approximately 20 thousand square meters in Australia presents such great amenities like a glass elevator, indoor waterfall, squash courts and a swimming pool of 41 feet.

New York

Offers home in the suburbs Start to Dry Up: bedroom communities Manhattan suffered a boomlet in sales and rising prices as city dwellers have sought bargains in nearby suburbs that were hard hit during the housing crisis.

Tight market Sparks Rise in car rental scams: rental-housing market with Manhattan clamping, the danger is growing of apartment hunters falling victim to scams, estate agents and experts of white-collar crime warn.

New York House of day: Loft shows choices of a furniture dealer: Evan Lobel handpicked vintage furniture for your loft of approximately 2500 m2 during visits to the homes of high-end Manhattan for Palm Beach, Fla.

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Why are we looking Foreclosures

By: Paul Solman

NewsHour Thursday, we have the first of a series of stories about foreclosures. a glance at the list of "most popular" on page Wall St. Journal of online real estate gives some sense of the shapes that are taking these stories:

Family breaks in your home removed old

Delays in closure: ' varnish In The Coffin For Housing '

Title of tallest may back to New York

We are headed for housing Armageddon?

Our features history Thursday, between its various characters, Brooklyn judge Arthur August, which began to block foreclosures for three years, because he already identified as bad, if not downright fraudulent paperwork.

Another key protagonist is North Carolina lawyer Max Gardner, known as "the Dean of the bankruptcy".Gardner has agreed to answer your mortgage questions here in making sen $ e.

Finally, we have a scheduled Explain that will guide you through the process of what happens with a mortgage loan origination closure. Promise shouldn't be too wonky.

Last question: how big is a Big business that?.Potentially enormous.Across the country, title insurers refuse to insure the Scripture in foreclosed properties. would you buy a house without the guarantee that once you bought, you would itself?On the other hand, if you OWNED a house bank or Fannie Mae, say, was trying to stop in for the non-payment of the mortgage, you would still pay?Exit?

Hey, suppose you are an investor holding a mortgage-backed security. your payments come, finally, the mortgage payments that back the security that you bought. uh ...

And banks of "big"? who I talked to perform upwards of 30 percent of all mortgages that "services" in their own books.If payments in many of these securities stop suddenly, not once banks in trouble?

I just talked to a member of my family, a Realtor, respected and successful in Ohio.The real estate business has been quite doubtful since the crisis. in communities like his, 50 per cent more or less of all residential transactions involve foreclosed properties.(See our recent piece in Fort Myers, Florida for an illustration viva)What will happen to half a million or more real estate brokers and sales agents of the United States if the market closure dry?

Just asking.

PostScript(if you'll forgive the term in the on-line context): the story of closure is moving so quickly, I forgot to mention a nascent national movement instigated by the Service Employees International Union: wheresthenote.com.aqui is a note that received the Union this morning:

Just wanted to share the exciting news that our campaign "where is the note?" was featured on CBS the Early Show this morning a little more than 24 hours, over 50000 homeowners asked your mortgage note from your Bank via www wheresthenote.com. you can see here the clip.

With our online tool, homeowners easily can request a copy of your mortgage note, a document banks need to prove that they own the loan and can collect payments homeowners ...The campaign is sponsored by SEIU, Action, national network of PICO, Industrial Areas Foundation popular National Alliance of Californians for the empowerment of the community and the Russian Federation Northwest of community organizations.

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Real estate: Market Is of tenants or time to buy?

The economy stop, validity of tax credits from homebuyer, marked down the prices of homes, stubbornly high unemployment and concerns about a double-dip recession that all potential buyers leave wondering if now is the time. It's time for renters convert to buyers and existing owners grab this dream house on the cheap? Or housing will receive even more cheap?

Home prices fell by around 30% from their peak of mid-2006 on average, with some areas such as Las Vegas, buy prices plummet more than 60%.At the same time, foreclosures continued to rise in 2010 from their highs of history 2009 and have pushed prices further.(See high-end homes that won't sell).

Buyers who are eyeing condominiums and townhomes in particular may want to check out latest rent-vs-buy Trulia index, which tracks 50 of the biggest markets of the country. It offers a discrimination in cities that offer the best buying opportunities and those who still are markets of tenants.

According to the Trulia, a real estate search engine, your best markets for bargain condos are Arlington, Texas; Fresno, California. and Miami. Others in the top 10 include Table, Texas;. Phoenix. Jacksonville, Texas;.Detroit. Columbus, Ohio. El Paso, Texas.and Nashville. some of these cities are among the markets affected by phenomena boom and bust, foreclosure crisis and layoffs, says Tara Nicholle Nelson, educator of consumer on Trulia.

The company calculates the ratio of price to rent, comparing the average price quote of a condominium or townhome with average rental two bedroom apartments and condominiums on Trulia. Basically, the calculation takes the average price of condo in a market and divides by annual rents generated in a similar property.

When it comes to rent, real estate New York came in first in the list as being cheaper to rent than to own despite rents there has recently been on the rise. The Big Apple was followed by Seattle and Fort Worth. Rounding out the top 10 tenants markets is Omaha.Sacramento. Kansas City. Portland, Oregon. San Diego.San Francisco and Boston. (See photos of Americans in their homes).

Nelson says that she was particularly surprised that condominiums in Omaha, Fort Worth and Kansas City were more expensive to own than cars. It attributes this to reduce unemployment rates and wealthy families paying, which maintained condominium prices. Some cities avoided the housing bubble, she says, another reason prices have accomplished.

Still, even though the proportion of rent-vs-buy huge favors renting, potential buyers should take into account other factors such as prices fell from its peak, potential tax advantages and how long the buyer plans to live in the property, Nelson warns.For someone who is not looking to flip the property for a quick buck-those days are over, aren't they?-and plan on staying in a House for 10 years or until they are hauled to the Tomb, buy now could make financial sense even in some markets the renters, she says.

In recent months, there were signs of housing can be finally jumping at the bottom.The index Standard & Poor 's/Case-Shiller home-price composite shows prices rose, albeit modestly, for the past few months and some large creditors, as Bank of America, GMAC Mortgage and JPMorgan Chase, put foreclosures in maintains in 23 States on issues of maintenance records.All this indicates price drops may stop-at least temporarily.

But Alex Barron, founder of housing Research Center LLC, remains bearish on purchase. He expects prices to drop another 10% to 30% before the sector bottoms. inventory has increased since the expiration of the homebuyer tax credit, observes. Barron speculates that once mortgage rates begin ticking up, housing prices will probably tombo. "Correct Prices 10% for each percentage point that the mortgage rate rises, "he says.

Foreclosures are also pressing prices. Barron, notes that the Bank repossessions totaled 718.000 in first eight months of 2010, registry 584.000 23% during the same period a year ago He speculates that once is lifted the suspension of the closure of the current market, a wave of foreclosures could beat the market. added that offer is likely to cause another correction in prices of homes.

See how Americans are spending now.

See photos of the global financial crisis.

See this article at time.com

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Housing market flooded with foreclosures

KNOXVILLE, Tennessee (WVLT)-If you're buying a home, you might be thinking about foreclosed properties.

"We are seeing a lot of foreclosures on the market, now is a driving force in real estate," said Greg Reynolds. Reynolds is a real estate agent with Envirian.

He says that while Knoxville was somewhat protected from foreclosures, they can still be found in any part of the city, at almost any price. "If you are willing to wait, leave everything to play through, there are some businesses out there. "But you're buying a distressed property that condition may be unknown, he said.

If you're going to buy, make sure you know if a closure could be included in an investigation, which could put your purchase in limbo. Too many foreclosed homes are auctioned or sold with an as-is the contract."Banks are less lenient in a lot of fixing. so you're buying what you see," he said.

But a little extra effort could save some money. Reynolds "If you're willing and able to reach and make settling, or you have someone to do it, there are some great deals out there," he said.

Heather Anderson is hoping to sell his Knoxville three-quarters home. "We've been on the market since August, "she said.In a few months, there was only one visitor.

"It's been a bit frustrating at least we would like to see some more people passing by to see the House," said Anderson.

Your Realtor says its a common problem for neighborhoods flanked by exclusion."If there is a House on the street three bedrooms, two bathrooms, the same square footage, and he is selling for $ 10, 15000 less than my obviously people will go and see it for the first time," she said.

"Foreclosures are affecting the price that you are able to get to your home," said Reynolds. He said evaluation values for almost all homes were affected by short sales and foreclosed homes.

"[Foreclosures] are supposed to be weighted differently, but they still affect the appraisal of your home," he said.

A moratorium on foreclosures could make things better in the short term, but may not have a duration. "He'll pull the foreclosures off the market for a while, but most people realize that foreclosures are turning into ".

Anderson is optimistic that your home will find the right buyer, eventually. "We worry about how long it will take. Have friends who've said that their homes were in the market for eight months before they finally sold ".

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Property experts see more sales in 2011: search

New York (Reuters)-U.S. commercial real estate investors expect sales of real estate more next year as lenders intensify foreclosures to satisfy the hunger of distressed properties, a survey of influential said on Wednesday.

But they are wary of the American economy and will continue to flock to higher quality properties whose lace cover mortgages, according to real estate trends emerging in 2011. The report, the Urban Land Institute and PricewaterhouseCoopers, interviewed about 875 owners, developers, consultants, investors, lenders and other businesses owned. later were interviewed about 275 of respondents.Respondents said callbacks will revert to basic real estate, paying a price that can withstand rents.

"You can't make money with inversion;You should be able to manage assets at the property level, "the report said quoting an interview. Respondents expect lenders well funded, such as insurance companies, to be able to negotiate good rates. they also expect borrowers well-capitalized, such as real estate investment funds, to be among the main purchasers. About $ 1.4 trillion U.S. mortgages on commercial real estate-including apartment buildings, hotels, office buildings, distribution centers, malls and shopping centers-are expected to mature between now and 2014, according to Trepp, a provider of real estate loan data.Borrowers must find new loans to replace the aging and they probably will face less generous lenders.

This means that the money must come from other investors, higher cash flows properties or pocket of the borrower. If not, borrowers could face foreclosures of lenders willing to face the recording downs on their loans. Experts said there arose a lot of money to buy properties in anguish.But for the past two years, their efforts have been frustrated by lenders extending maturities instead of exclusion and take back properties.
Respondents expect their creditors to let go more loans, gradually and terminate and sell more properties in 2011 and 2012.These sales should result in property values are 30% to 50% below the peak 2007, the survey said.

The majority of respondents believed that capitalization rates or revenues over the first year of ownership, will be stable or shift down to the end of 2011 as the increased demand.Like bonds, capitalization rates move in the opposite direction of prices. With balance sheets of banks recover and commercial mortgage-backed securities (CMBS) reliving slowly, borrowers must have better chances of getting the refinancing, if they have relatively well-leased properties, cash-generating.

But owners with properties over-leveraged with vacancies rise and fall of rents could face the loan more hostile environment, increasing the likelihood of foreclosures.That could pave the way for investors with money to adjust the properties that can be prices bottom contributing money for debating owners and earning a shareholding or they could buy distressed loans and eventually owning property or purchasing properties in foreclosure auctions. Still respondents were concerned that the pent-up demand for high quality buildings will take the fierce competition that will raise prices in major u.s. markets, mainly, New York and Washington, D.C., but including San Francisco, Boston and Seattle.

Interviewed and surveyed expect stable capital returns for properties around 7.5 percent for institutional investors and 8.2 percent for real estate investment funds for riskier investments, callbacks were seen in the mid 30s, the survey said. Still any recovery in real estate would be countered by a slowing u.s. economy, said global. "There is a huge anxiety continued about whether or not we'll see a double dip (recession). If we see a diving double macro economy is likely to have an impact on the real estate economy," said Mitchell Roschelle, partner at PricewaterhouseCoopers.

"Even though we don't see a double diving, deep belief was the economy, no matter how long it takes, will be without a job for awhile." The number one concern in economic report was the growth of employment. number one concern was refinancing real estate. Prospects vary slightly pessimistic, believe that the economy will rebound in some points. for those who were "sad" and said the slowdown could last 10 years.
(Reporting by Ilaina Jonas; editing by Andre Grenon)

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