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New-home sales ease up from record low

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The sales pace of new single-family homes rose 6.6 percent in September from a record low in July and August, the U.S. Department of Housing and Urban Development and Census Bureau announced today.The agencies estimated that last month's sales were at a seasonally adjusted annual rate of 307,000, up from August's estimate of 288,000 but down 21.5 percent from September 2009. Regionally, the West fared the worst in September: the region saw the biggest year-over-year drop, down 33.3 percent to 64,000, and was the only region to see a month-to-month drop, down 9.9 percent. The South, which made up the bulk of new-home sales at 160,000, saw the sales pace rise a modest 3.2 percent month-to-month, and saw the smallest year-over-year decrease, 16.2 percent. The Northeast, which had the nation's smallest share of sales at 30,000, saw sale increase 3.4 percent month-to-month, but drop 18.9 percent year-over-year. The Midwest accounted for much of the country's increase in sales from Augus...