By Jann Swanson
Posted To: MND NewsWire
The Mortgage Bankers Association (MBA) expects there will be a sharp downturn reported in July sales of newly constructed homes. While its Builder Applications Survey (BAS) data for the month shows mortgage applications for new home purchases remained higher than a year earlier, by 5.1 percent, those applications dropped by 12 percent from the numbers reported for June. Mortgage application data from MBA are not seasonally adjusted. “The year over year increase in applications to homebuilders for new home purchase mortgages slowed down somewhat in July, after relatively strong showings in May and June,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Nonetheless, the pattern of applications over the last three months suggests that housing starts will fall off less than expected…(read more)
Via:: MBA Expects Nosedive in July New Home Sales
