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New Home Sales Expected to Surge
Wednesday, July 15, 2020
The Mortgage Bankers Association (MBA) is expecting new
home sales to spike again in June, based on results of its Builder Application
Survey (BAS). That survey shows that mortgage applications for new home
purchases were up 20 percent from May and 54.1 percent compared to a year ago.
The data does not include any adjustment for typical seasonal patterns.
Joel Kan, MBA's Associate Vice President of Economic and Industry
Forecasting said, "The new home purchase market continues to recover -
applications surged 20 percent in June, and although this is not adjusted for
seasonal impacts, it is another piece of data indicating that homebuying
activity that was delayed by the pandemic in March and April is just being
realized later in the season. The fact that applications are up over 50 percent
from last June further reinforces that point.
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