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Brazil's recession dampening demand for housing
High-end builders suffering most; those focusing on low-income segment still seeing strong sales
Economic decline, stubborn inflation, rising mortgage rates and mounting unemployment have dragged consumer confidence to the lowest level on record, scaring many Brazilians out of their plans to invest in real estate and sinking prices along the way.
PHOTO: REUTERS
Sao Paulo
BRAZIL'S once red-hot housing market has turned cold quickly, forcing many developers to slam the brakes on new construction, though one corner of the industry is so far riding out the nation's worsening economic slump.
The Brazilian real estate market is witnessing a...
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