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August 26, 2008

Existing home sales rose 3.1% in July

By ALAN ZIBEL
AP Business Writer

WASHINGTON — Sales of existing homes rose in July, surpassing expectations, as buyers snapped up deeply discounted properties in parts of the country hit hardest by the housing bust.

However, the number of unsold properties hit an all-time high, the latest indication that the worst housing slump in decades is far from over. Prices nationwide are not expected to hit bottom until early next year.


 
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