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WASHINGTON, DC- Sales of existing homes increased 0.3% to 4.13 million annual pace, which was the second record-low value. Sales declined 17% before seasonal pattern adjustments compared to that of August 2009.

The average home price increased 0.8% to $178,000 in August 2010 when compared to August 2009. The Obama government is expected to announce proposals within few weeks on lower monthly loan repayments to avoid foreclosures and an emergency loan program for the jobless to avoid default. For the full story, go to Boston Globe.

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