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MBA Predicts Economic and Rate Uncertainty Depressed New Home Sales

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says it expects that new home sales declined in September relative to August based on a drop in mortgage applications to finance their purchase. MBA says its Builder Application Survey showed there were 8 percent fewer applications in September than in August, but those applications were submitted at a rate 34.2 percent higher than a year earlier. The data does not include any adjustment for typical seasonal patterns. Based on this information and on assumptions regarding other factors such as market coverage, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 725,000 units in September. This represents a decrease of 7.6 percent from the August pace of 785,000 units. On an unadjusted basis, MBA estimates that...(read more)