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Hot housing market cooling, but only slightly: Gulf Coast, North Mississippi markets remain strong.

Article Excerpt
Even though the housing market in the South weakened somewhat during the first two weeks of November, it's no cause for concern, say economists and Realtors, who insist the robust market is only flagging temporarily.

"We're pulling back a little from the peak we saw back in the summer, but we'll maintain a very high plateau," said Bob Allsbrook, chief economist for Birmingham, Ala.-based AmSouth Bank. "I don't see a continued downturn. All the factors that historically go into the decision to buy a home are favorable and there are two new variables at work that are going to stay with us. One is the change in priorities to emphasize the home as a result of 9/ll and continued terrorist problems, and that shows up in the fact that we're buying so much at Home Depot. The other part is that investors--and we're seeing a lot of this in Florida--view the home as a better alternative than the stock market, especially with its tax advantages."

Allsbrook predicts strong hiring after the new year, which will maintain a strong housing market....

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