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Worst June on record for new-home sales

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Sales of new, single-family houses were the lowest on record for the month of June, according to figures in a report by the U.S. Census Bureau and the Department of Housing and Urban Development. Sales hit a seasonally adjusted annual rate of 330,000, the lowest rate for that month since the Census Bureau began keeping such records in January 1963. The previous June low was in 1982, when the seasonally adjusted sales rate was 372,000. The June sales rate was 16.7 percent lower than in June 2009, which had an estimated annual rate of 396,000 sales. The rate did represent a 23.6 percent month-to-month rise over May sales, which had hit a record low. That record low was downwardly revised this month to an annual rate of 267,000, from the 300,000 previously estimated. Bob Jones, chairman of the National Association of Home Builders (NAHB), called the month-to-month rise "an encouraging sign" following May's slowdown in sales after the federal homebuyer tax credits' expirati...