FHA loan applications hit record last month
Applications for government-guaranteed FHA mortgage loans soared to a record high in November.
Housing and Urban Development Secretary Samuel R. Pierce Jr. told a news conference the new figures indicate that the housing industry is coming out of a prolonged slump. His department said requests for Federal Housing Administration loans last month totaled 82,545, compared with 51,841 in October. Mr. Pierce said the reduction in rates meant that nearly twice as many American families could afford the monthly payments associated with buying a new single-family home as under the much higher rates earlier in the year.