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New-home purchases fall, 2011 worst ever for sales

Home Sales

Fewer people bought new homes in December. The decline made 2011 the worst year for new-homes sales on records dating back nearly half a century. The Commerce Department said Thursday new-home sales fell 2.2 percent last month to a seasonally adjusted annual pace of 307,000. The pace is less than half the 700,000 that economists say must be sold in a healthy economy.

 

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