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IPFS News Link • Housing

New Home Sales Hammered In October As Homebuilders Hit The Wall, Prices Plunge

• by Tyler Durden

However, with housing affordability at its lowest since at least the early 1980s, (and homebuilder sentiment slumping as mortgage rates rose), it's no surprise that analysts expected new home sales in October to tumble 5.0% MoM (after their unexpected 12.3% surge in September). 

As a reminder, The Mortgage Bankers Association's index of home-purchase applications tumbled to 120 - the lowest level since 1995 - as mortgage rates hit 8% for the first time in 23 years in October.

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