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New home sales hit 12-year low

Friday, December 28, 2007
NEW YORK (CNNMoney.com) -- Sales of new homes have plunged even more than expected to their lowest level in more than 12 years, leaving the market glutted with unsold homes and pointing to more trouble ahead for the battered housing market. New home sales tumbled 9 percent in November to a seasonally adjusted annual rate of 647,000, according to a Census Bureau report Friday. That was ... more
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