The number of people looking to buy a home in November dropped seven percent from October, but it was less than the 11 percent drop for the same period last year, according to what Redfin tells nationalmortgagenews. Meanwhile, eleven percent fewer people signed offers in Nov. over Oct., but an improvement over the 14 percent decline for the same month-to-month in 2012. But as MHProNews has learned, tours were down 28 percent the week of Thanksgiving from the previous week, and offers fell 23 percent. Additionally, mortgage applications declined 13 percent that same week, seasonally adjusted, with a four percent drop in purchase applications, according to the Mortgage Bankers Association (MBA).
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