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Homebuilder stocks continued their rally from Monday, even though new data showed that pending home sales hit their lowest point ever in August.
The National Association of Realtors said its pending home sales index fell 21.5% to a reading of 85.5 in August from a year earlier. That number was the lowest since NAR created the index in 2001.
The index was down 6.5% from the upwardly revised reading of 91.4 in July. The index, which measures pending contracts of existing homes, is considered a leading indicator of the market. ...
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