Posted To: MND NewsWire
The Mortgage Bankers Association (MBA) estimates that there were 17 percent fewer applications for new home purchases in August than in July, but those applications were 9 percent greater year-over-year. The figures, gathered from MBA’s monthly Builder Application Survey (BAS) are not adjusted to reflect seasonal patterns. “Mortgage applications to purchase new homes were down in August compared to 2020’s late summer surge, but both mortgage applications and MBA’s estimate of new home sales jumped last month compared to July,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “While the new home construction market is a much smaller segment of the overall housing market, prospective buyers are increasingly turning to new homes because of the very low levels…(read more)
