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Sales of new US homes rise to second-fastest pace since 2008

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The previously owned home sales in the US unexpectedly climbed in November to the highest level since February 2007.

New York

PURCHASES of new US homes increased in November to the second-fastest pace in almost nine years as the beginning of a hike in mortgage rates persuaded buyers to quickly sign contracts.

Sales rose 5.2 per cent to a four-month high of a 592,000 annualised pace, Commerce

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