New-Home Sales in U.S. increased 0.7% to 429,000 in August…builders cutting prices at record pace to compete with foreclosures…worst housing slump since Great Depression drawing to close…

(Source: Bloomberg)

Sales of new U.S. homes climbed in August to the highest level in almost a year as builders cut prices at a record pace to compete with the foreclosures that are flooding the market for previously owned houses.

Sales increased 0.7 percent to a 429,000 annual pace, less than anticipated, figures from the Commerce Department showed today in Washington. The median price of a new house fell 9.5 percent from the prior month, the biggest decrease since records began in 1963.

Read the full article by Bob Willis “New-Home Sales in U.S. Increased 0.7% to 429,000 Rate in August” at Bloomberg.com (Sept 25, 2009).

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