Applications Hint at Strong June New Home Sales

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Posted To: MND NewsWire

Applications for mortgages to purchase newly constructed homes rose again in June and the Mortgage Bankers Association (MBA) said this bodes well for a substantial increase in the sales themselves. MBA's Builder Application Survey (BAS), conducted among mortgage subsidiaries of home builders, increased by 1 percent from May, a number that is not seasonally adjusted. From that data, as well as assumptions regarding market coverage and other factors, MBA estimates that new single-family home sales were at a seasonally adjusted annual rate of 496,000 units during the month. This is an increase of 8.1 percent from the MBA May estimate of 459,000 units. On an unadjusted basis, the MBA estimates that there were 45,000 new home sales in June 2015, unchanged from May. "As house prices continue to recover...(read more)

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Source: http://www.mortgagenewsdaily.com/07162015_mba_new_home_sales.asp

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