New homes sales across the country July spiked 9.6 percent in July from a month earlier, according to a Commerce Department report, but developers trying to sell new homes still face a "brutal market," according to an economist quoted in the New York Times. New homes are taking longer to sell, according to the paper, financing is still an issue for developers, and "builders are being undercut in many markets by distressed properties like foreclosures and short sales by homeowners who need to sell." [NYT]
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