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Sales Of New Homes Rise Again, Hit Five-Year High

New home sales rose 8.3 percent in June to an annual rate of 497,000, the Census Bureau and Department of Housing and Urban Development reported Wednesday.

At that pace, sales were the strongest since the 504,000 rate of May 2008.

The housing sector has been one of the economy's brighter spots in recent months as it continues to recover from a bubble that burst in 2007 and 2008. Reuters says that housing is "showing no signs of slowing in the face of higher mortgage rates."

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