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More evidence of a housing recovery

Sales of new homes in July were a bit stronger than expected (373K vs. 365K), and they were up 36% from last year's low. That's pretty impressive, even if the current sales rate is still miserably slow. The signs on the margin of genuine improvement in the housing market abound. After 6 years of a wrenching adjustment, this market is back on its feet and improving.

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