“As builders pull back on starting new projects, they will have greater opportunity to bring to market the large backlog of homes in their pipelines that are already under construction. The number of single-family homes under construction remains elevated due to construction delays brought on by labor and material shortages.” --Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.

October mortgage applications for new home purchases fell by 13 percent from September and by 28.6 percent from a year ago, the Mortgage Bankers Association reported Thursday.