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LATEST US DATA

July home resales rise to highest level since February 2007

Job gains, low borrowing costs boosting trade-up purchases, providing more fuel for the economy

Washington

PURCHASES of previously owned US homes unexpectedly rose in July to the highest level since February 2007, consistent with further strength in the housing market.

Contract closings increased 2 per cent to a 5.59 million annualised rate from the prior month's revised 5.48

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