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New home sales rise as inventory shrinks

from By Michael J. Berens

A patch of blue has opened up in the murky waters clouding the prospects for the housing industry. Both new home starts and new home sales rose in June, the latter well above expectations. Builders received the news with guarded optimism, however, as a number of challenges still confront the industry. Among them, demand continues to outstrip availability as inventories shrink and prices rise. more

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