New Home Sales On The Rise

A survey of home builders by the National Association of Home Builders (NAHB), indicated that sales of new homes were up, and builders' sales expectations, based on buyer traffic through model homes, rose significantly.

In related news, the Mortgage Bankers Association (MBA) reported that mortgage applications rose as interest rates fell to their lowest level in 14 months.  The applications statistics foreshadow data on housing sales, and sales are what drive new building.