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Wednesday, August 24, 2011

New Home Sales Fall, 2011 Could Be The Worst Year Yet

Housing remains the weakest part of the economy. Last year was the worst for new-home sales on records that go back nearly 50 years. ... While new homes represent less than one-fifth of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs and $90,000 in taxes, according to the National Association of Home Builders. ... Analysts said the report was further proof that the housing market is stuck in the doldrums. "How much longer can we flat-line on housing?' said M. Cary Leahey, senior economist at Decision Economics. – AP

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