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              NEW HOME SALES DROP IN AUGUST

New Home Sales Plunged 11.5% to 17-Year Low. By Reuters 25 Sep 2008

Sales of new U.S. single-family homes in August fell to its lowest point in more than 17 years while prices hit four-year lows, a government report on Thursday showed, in a sign of continued weakness in the housing sector.

The annual sales pace was down 11.5 percent from July to 460,000 homes and was sharply off the 510,000 pace expected by economists. The August decline was the biggest since November 2007. ...........................

The inventory of homes available for sale in August shrank 4.4 percent to 408,000, the lowest since August 2004. However, sales weakened so much that the months' supply at the current sales pace rose from 10.3 months in July to 10.9 months in August. ............

The sales pace for existing homes fell to 4.91 million in August, according to a Wednesday report that showed more weakness for home resales than economists had expected.

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