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Home prices and confidence rise; Chinese firm to buy Smithfield Foods; Sallie Mae announces split; Sprint, SoftBank get security clearance; Moody’s raises banking outlook

Economy: Home prices and confidence rise

The housing market’s upswing looks more solid than ever, said Robbie Whelan in The Wall Street Journal. The Commerce Department reported this week that home prices are hitting record highs, with the average new-home price reaching $330,800. Sales were up 29 percent compared with the same time last year, and builders were on pace to sell 454,000 homes this year. Experts say sale volume would look even better if builders weren’t “deliberately holding back sales as a way to control supply and maximize prices.” Many builders have intentionally slowed the pace of sales in pursuit of stronger prices, since costs for land, labor, and materials are rising.

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