Did New-Home Price Increases Go Too Far? Mortgage applications to buy
newly
built homes dropped sharply in November, reflecting a slowdown in
new-home sales heading into the winter season, the Mortgage Bankers
Association reports. Most new homes are purchased with financing so mortgage applications can be a good gauge of the direction of the sector. Some builders are wondering if last year's hikes ended up shutting too many out of the market. The
majority of mortgage industry professionals said they believed that
the lowering of the down payment to 3 percent for first-time homebuyers was a step in the right direction for the housing market, read more.
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