By Jann Swanson
Posted To: MND NewsWire
Applications for mortgages to purchase newly construction homes increased by 29 percent in January. The Mortgage Bankers Association (MBA) said that based on this volume, which is not seasonally adjusted , it estimates that new home sales were running at a seasonally adjusted annual rate of 530,000 units. The unofficial estimate of home sales is generated by MBA from the application data it receives from a survey of the mortgage subsidiaries of home builders throughout the country as well as assumptions regarding market coverage and other factors. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing , which is typically coincident with the mortgage application. The annual pace new home sales in…(read more)
Via:: Purchase Applications Suggest Rising New Home Sales
