U.S. new-home sales fall sharply

08/25/2013 | Bloomberg

Adding to fears that higher interest rates may stall momentum in the key U.S. housing market, sales of new homes plunged 13.4% in July, the widest margin in three years. "It's definitely a rate shock. You could see another month or two of weak sales, or it could go longer," said Doug Duncan, chief economist at Fannie Mae in Washington.

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