Nonetheless, the number of active listings on the finish of the month was up 16.1 per cent, to five,342.

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Sears Holdings Corp additionally said in April it plans to spin off 254 shops into a real estate investment trust next month, which it estimates will increase $2.5 billion and alleviate some liquidity issues.

After getting his PhD, Saiz was hired in 2003 as an assistant professor on the College of Pennsylvania's Wharton Faculty