reportonbusiness.com: Economy

Posted AT 10:52 AM EDT on 25/07/08

U.S. new-home sales drop again

MARTIN CRUTSINGER

The Associated Press

WASHINGTON — Sales of new homes fell in June for the seventh time in the past eight months, more proof that the worst housing slump in decades is getting deeper. The Commerce Department reported Friday that sales of new single-family homes dropped by 0.6 per cent last month to a seasonally adjusted annual rate of 530,000 units following an even bigger 1.7 per cent fall in May.

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