MBA Sees Further Drop in New Home Sales

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Posted To: MND NewsWire

After last months' disappointing Census Bureau report on September new home sales - down 11.5 percent from a solid August - one might hope for an October rebound. However information from the Mortgage Bankers Association's Builder Application Survey doesn't offer much encouragement in that regard. The survey indicates that mortgage applications for new home purchases decreased by 8 percent in October relative to the previous month. This change does not include any adjustment for typical seasonal patterns. "On top of normal seasonal slowdown, the October decline in mortgage applications to builder affiliates was likely amplified by some applications being pulled forward into September ahead of the implementation of the Know Before You Owe Rule on October 3," said Lynn Fisher, MBA's Vice President...(read more)

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Source: http://www.mortgagenewsdaily.com/11132015_mba_new_home_sales.asp

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