MBA Expects New Home Sales to Recover from Hurricane Losses


Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says that information collected through its Builder Application Survey (BAS), shows mortgage applications for new home purchases climbed 23 percent on a non-seasonally adjusted basis from September to October. From this MBA estimates that new home sales during the month totaled 53,000 units on an unadjusted basis, compared to 42,000 the previous month. They also estimate a 16.1 percent gain year-over-year. “October registered the strongest growth rate in applications so far this year, following September’s hurricane related decrease,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Overall, applications reached near August levels. Texas mirrored the national pattern, and Florida fell just 4 percent short of its August total. The Builder…(read more)

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