REAL ESTATE: New Houses for Old

A California building firm last week stole a page from auto dealers and announced a novel home-selling plan: trade in the old-model house for a new one. The Liberty Building Co., developers of a 3,500-home tract in what was once a walnut grove in west Pomona, offered to take old houses in trade from anyone who buys one of their new $15,000 houses.

Under the plan, the company and seller agree on a price for the old dwelling and put it on the market. Normally, the owner's equity in it is enough for...

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