Sales of New Homes in U.S. Unexpectedly Decreased
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Sales of new homes unexpectedly dropped in October, showing near record-low borrowing costs are failing to lift the industry that precipitated the recession.
Purchases decreased 8.1 percent to a 283,000 annual rate, figures from the Commerce Department showed today in Washington. The median estimate of economists surveyed by Bloomberg News projected an increase to a 312,000 annual pace. Sales reached a 275,000 pace in August, the lowest since data collection began in 1963.