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Morning Mortgage Meltdown: Market Dives in May

The Bay Area housing market continued to circle the drain last month when it hit a 20-year low — for the eighth time in nine months. After a surprisingly strong showing in April, we nose-dived again in May, dropping 1.5 percent. In fact, says a research firm, the only reason April upstaged everyone was "complicated financings and closings delaying sales" that normally would have given March a boost. [SF Gate]