Posted To: MND NewsWire

The volume of applications for mortgages to purchase newly constructed homes plunged in September, falling 16.2 percent from the September 2020 level according to the Mortgage Bankers Association’s (MBA’s) Builder Application Survey (BAS.) Compared to August the volume of applications was down 4.0 percent. These changes are not seasonally adjusted. Based on the volume of applications and on assumptions regarding market coverage and other data, MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 843,000 units in September, a 3.5 percent decline from the August pace of 874,000 units. On an unadjusted basis, an estimated 66,000 newly constructed homes were sold during the month, down 7.0 percent from the estimate of 71,000 sales in August. “New home…(read more)

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Source: Mortgage News Daily