U.S. Applications to Buy Homes Fall

U.S. applications to buy homes fell last week to the lowest since April, and home builders say residential construction won’t provide much of a boost for the economy’s recovery next year.

A Mortgage Bankers Assn. of America index of purchase applications declined 3% last week, the third straight decrease, to the lowest level in six months. And figures from the National Assn. of Home Builders for October showed declining expectations for sales six months from now.