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July 27, 2007

New home sales off, too

The housing market continues to look bleaker:
The Commerce Department reported Thursday that sales of new single-family homes dropped by 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units. The decline was more than triple what had been expected and was the largest percentage drop since sales fell by 12.7 percent in January.

That follows word of a 3.8 percent drop-off in existing home sales in June, announced earlier this week.

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