Despite February typically marking the start of the spring home buying season, mortgage application volume to purchase a new home in the U.S. actually ticked down 1 percent in the absolute and was down 3.9 percent on a year-over-year basis, according to the Mortgage Bankers Association.  And yes, that’s despite the fact that the number of new homes on the market across the country hit a 13-year high at the end of January with inventory levels up 34 percent, year-over-year.

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