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PRICE OF FAILED THRIFTS’ PROPERTY TO BE CUT

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The Bush administration plans to drastically cut the price of real estate the government has inherited from the nation's failed thrifts as a way to accelerate the savings and loan industry cleanup, The Washington Post reported Tuesday.

Real estate interests and industry sources called the plan "a critical step." Some warned that price cuts on government land could hurt private property values, could further depress real estate markets and could severely damage the nation's economy.