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Sales plunge 11.5 percent in August; prices fall by largest amount
9:28 PM
WASHINGTON - New home sales tumbled in August to the slowest pace in 17 years, while mortgage rates spiked this week, increasing pressure on the new chief executives of Fannie Mae and Freddie Mac to help stabilize the housing market.
New homes sales fell by 11.5 percent in August to a seasonally adjusted annual sales rate of 460,000 units, the slowest sales pace since January 1991, the Commerce Department said Thursday.
