Lending

November is shaping up to be another poor month as it currently stands at -17 basis points.

The numbers suggest demand is stabilizing at a lower level as available properties become less scarce.

Groundbreaking on single-family homes dropped 1.8%, while housing starts rose 4.7% in the South.

Credit union officials said they will use $250,000 to directly focus on persistent poverty communities in southern Arizona.

"Rising mortgage interest rates in recent months coupled with the cumulative run-up in pricing has caused housing demand to stall."

The survey's contract rate on a 30-year fixed loan rose to 5.15% from 5.11%.