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U.S. New Home Sales Unexpectedly Plunge 7.8% In May

A report released by the Commerce Department on Tuesday unexpected showed a steep drop in new home sales in the U.S. in the month of May. The Commerce Department said new home sales plunged by 7.8 percent to an annual rate of 626,000 in May after tumbling by 3.7 percent to a revised rate of 679,000 in April.
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