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October 29, 2009

Surprising drop for new home sales

  • The Commerce Department said sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 in August.
    • By ALAN ZIBEL
    AP Real Estate Writer

    WASHINGTON — Sales of new homes dropped unexpectedly last month as the effects of a temporary tax credit for first-time owners started to wane.

    The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.


     
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