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February 5, 2008

Q: What happens when there are fewer home sales?

A. Fewer people move.

The parent of Allied Van Lines, which knows this all too well, said today that it has reached a deal with lenders to restructure its debt through Chapter 11 bankruptcy to be "better positioned to weather the continuing weak U.S. housing market." Sirva Inc. also handles other moving-related businesses, including home purchase services, mortgage services and settlement services, which have also felt the pain. Read Sirva's announcement HERE.

Other companies affected by the sales slump range from the obvious -- homebuilders -- to the trickle-down, like retailers dependent on consumers with less money and less ability to borrower post-boom.

Posted by Jamie Smith Hopkins at 10:13 AM | | Comments (0)
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
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