General World News

New home applications drop in November

New home purchases in November 2020 increased 34.7% from a year ago, but new home applications decreased from October, according to the Mortgage Bankers Association builder application survey.

New home applications decreased 16% from October, said Joel Kan, MBA associate vice president of economic and industry forecasting.

“November new home sales activity, both mortgage applications and home sales, ran at a pace considerably ahead of 2019, showing the ongoing strong growth in housing demand and new residential construction,” Kan said. “Signs of a slowdown in the economic recovery likely contributed to the expected monthly decrease in details ⇒

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