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LATEST US DATA

Sales of existing homes down more than forecast in August

Some Americans unable to take advantage of low interest rates and relocate after a recovery in property values

Washington

SALES of previously owned US homes fell more than forecast in August, representing a pause in momentum this year for residential real estate.

Closings, which usually take place a month or two after a contract is signed, declined 4.8 per cent to a 5.31 million annual rate

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