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10.45am: New home sales bottoming; inventory soaring US new home sales were little changed at 708,000 in July, up 1% from 701,000 in June, albeit above the consensus forecast for a dip to 697,000. In a note to clients, economists at Pantheon Macroeconomics US commented: “Sales have stabilized a bit above the level implied by the lagged mortgage applications numbers, mirroring the pattern seen in the existing sales data.
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