New Home Sales Rise 14 percent

Approximately
43,000 newly constructed homes were purchased in July, the Mortgage
Bankers Association (MBA) said today. MBA based its estimate on
mortgage applications for new homes filed with mortgage subsidiaries
of home builders across the country and gathered through its monthly
Builder Application Survey (BAS) Figures are not seasonally
adjusted.

Conventional
loans comprised 66.5 percent of the applications and FHA loans 17.7
percent. There were also a significant number of applications for
Veterans Administration (VA) loans (14.5 percent). Less than 2
percent of applications were for Rural Housing Service/USDA loans.

Using
data from the BAS as well as from other sources MBA is able to
provide an early estimate of new home sales volumes at the national,
state, and metro level and the types of loans selected. Official new
home sales estimates are conducted by the Census Bureau on a monthly
basis. In that data, new home sales are recorded at contract signing,
which is typically coincident with the mortgage application.

Article source: http://www.mortgagenewsdaily.com/08092013_new_home_sales.asp

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