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New home sales jumped last month to the highest annual pace in the past two and a half years. And builders broke ground on new homes and apartments at the fastest pace in more than four years in September. They also requested the most building permits in four years, a sign that many are confident that home sales gains will continue. The housing recovery could help boost economic growth and hiring at time when manufacturing has weakened sharply. Still, housing makes up a much smaller part of the economy than it did before the bubble. So rising construction and sales may have less of an impact. And many first-time homebuyers are struggling to qualify for mortgages, since banks have raised credit standards. Many also demand high down payments that many would-be homebuyers can't afford.
[Associated
Press;
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