Mortgage applications for new home purchases decreased 23.8 percent compared to a year ago, the Mortgage Bankers Association’s Builder Application Survey data said.
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“Homebuilders are encountering stronger headwinds of late as severe price increases for key building materials, rising regulatory costs and labor shortages impact their ability to raise production. This has dampened new home sales and quickened home-price growth.”
–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.