New-home sales fell 3.5% in October but remained above the 1 million mark for the eighth consecutive month.The U.S. Census Bureau reported that sales of new single-family homes fell from a seasonally adjusted annual rate of 1.15 million in September to a 1.11 million rate in October. New-home sales are expected to hit a new record in 2003, easily beating last year's record of 973,000 sales. A survey of mortgage applications made during the week of Nov. 21 supports this forecast. The Mortgage Bankers Association reported that the number of applications for mortgages to purchase homes was only slightly below the record set last May.
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