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August 27, 2014

Housing market struggles to gain traction

  • Sales have been hampered since October by modest wage growth, a bump in mortgage rates and many builders focusing on apartments and high-end homes.
    • By JOSH BOAK
    AP Economics Writer

    WASHINGTON — Fewer Americans bought new homes in July, evidence that the housing sector is struggling to gain traction more than five years into the economic recovery.

    The Commerce Department said Monday that new-home sales fell 2.4 percent last month to a seasonally adjusted annual rate of 412,000. The report also revised up the June sales rate to 422,000 from 406,000.


     
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