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True, today's report on new homes sales for July was weaker than expected at a seasonally adjusted annualized rate of 298K, and yes, it was one of the ten lowest readings on record. Would you believe, though, that today's release of new home sales actually showed a y/y increase of more than 6%? As shown in the chart below, new home sales bounced 6.8% in July, marking the third lower low since the beginning of 2010.
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