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Home sales surge may signal rally

Sales of new homes surged 9.6% in July, another sign the housing market is climbing back from the historic bottom it reached early this year. Driven by falling prices, the fourth-straight monthly increase was greater than expected.

In a kind of cash-for-clunkers effect, homebuyers are rushing to take advantage of a federal tax credit that covers 10% of the home price, or up to $8,000, for first-time owners. Home sales must be completed by the end of November for buyers to qualify. read article here.