Did Fair Weather, Low Rates promote Huge Jump in New Home Sales?


Posted To: MND NewsWire

If the Mortgage Bankers Association (MBA) is correct there was a huge jump in new home sales in February. MBA’s Builder Application Survey (BAS) which it conducts monthly among mortgage subsidiaries of new home builders showed a 24 percent surge in applications for new home purchase mortgages compared to January. On a seasonally unadjusted basis, the MBA estimates that there were 47,000 new home sales in February 2016, an increase of 23.7 percent from 38,000 new home sales in January. On a seasonally adjusted annual basis the pace of sales is estimated at 544,000 units, an increase of 9 percent from the January pace of 499,000 units MBA’s Vice President for Research and Development Lynn Fisher said, “Mortgage applications to homebuilder affiliates increased across the board in our survey for…(read more)

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