New home sales and mortgage apps see growing divergence

Mortgage News You Can Use

HousingWire – Trey Garrison

The November new home sales data from the U.S. Census Bureau includes "some surprisingly positive data points, and a continued divergence from the weekly purchasing applications trend as released by the MBA," according to research from Compass Point Research & Trading. Wilkes Graham and Ryan Gilbert at Compass Point say purchasing applications, which are usually a solid predictor of new home sales, are now down 11% year over year, and the divergence between purchasing applications and new home sales trends seems to be widening.

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