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New Home Sales Data Plunge This Am In Us

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Guest Popalot

July 26 (Bloomberg) -- Purchases of new homes in the U.S. dropped more than forecast in June, signaling no end to the real- estate slump that's weakened the economy.

Sales fell 6.6 percent, the most since January, to an annual pace of 834,000 last month from a revised 893,000 rate the prior month that was less than previously estimated, the Commerce Department said today in Washington.

Builders may have to cut prices even more and sweeten incentives to turn sales around and trim bloated inventories.

Stocks are dropping in response.....the data is backing up the comment (eg Countrywide yesterday) and the perfect storm is almost brewed. :unsure:

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