Saturday , 21 October 2017

MBA Predicts Plunge in New Home Sales; Hurricanes Blamed

By Jann Swanson

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) is forecasting that a significant decline in new home sales occurred last month. However, like much of the other September housing data that has been released so far, it appears that Hurricanes Harvey and Irma are behind much of the downturn. According to MBA’s Builder Applications Survey (BAS), mortgage applications for the purchase of newly constructed homes were down 7.5 percent on a non-seasonally adjusted basis in September when compared to September 2016. MBA says the sales, estimated at 42,000 new homes, was a decrease of 19.2 percent from the 52,000 homes sold the previous month. “Applications for new home purchases were down year over year in large part due the impacts of hurricane activity ,” said Lynn Fisher, MBA’s Vice President of Research…(read more)

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