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Housing market in Billings, Montana, feels the recession

A year ago, the folks in Billings, Mont. http://billingscvb.visitmt.com/ , thought their housing market was recession-proof.

It had been sheltered from the past two economic recessions. "They just blew right over us," says Twyla Best, president of the Billings Association of Realtors.

But in July, economic woes hit Billings, the largest city in the Big Sky State. "This time, there is no place to hide," says Patrick Barkey, director of the University of Montana Bureau of Business and Economic Research. "The recession is here, and it’s not over."

In March, homes sales were down 30.7% from March 2008.

The housing market is pinched because unemployment has risen. In March, the local unemployment rate had risen to 4.7%. But that’s not as high as the national rate, which jumped to 8.5%.

By Christine Dugas, USA TODAY

Full Story: http://www.usatoday.com/money/economy/housing/closetohome/2009-05-18-close-to-home-billings-montana_N.htm

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