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  • Non-QM Continues to Dominate

    Non-QM Continues to Dominate

    The post Non-QM Continues to Dominate appeared first on National Real Estate Post.

  • Existing Home Sales Extend Slump, But Inventory Holds Annual Gain

    Existing home sales slipped in September, following a month in which sales were almost totally flat.  The National Association of Realtors® (NAR) said that closed transactions for existing single family homes, townhouses, condos, and cooperative apartments was at a seasonally adjusted rate of 5.15 million in September.  This was a 3.4 percent decline from both the July and August rate, both of which came in at 5.34 million units. The last month in which existing home sales posted a month-over-month gain was in March. Sales are now down 4.1 percent year-over-year from the September 2017 rate of 5.37 million.

  • Purchase Share, FICOs, ARMs All Increasing -EllieMae

    The share of closed loans originated for home purchase continues to inch higher.  Ellie Mae, in its September Origination Insight Report, says that share jumped from 68 percent in August to 71 percent.   The upward trend in purchasing was most pronounced for FHA loans where the share rose 5 percentage points to 83 percent. For Conventional loans the share moved to 69 percent from 66 percent while there was only a 1-point increase in the VA share, to 73 percent.

    The distribution of loans did shift slightly for the first time in months. The VA and FHA shares of closed loans remained at 10 and 20 percent respectively but the Conventional shared dipped by 1 point to 65 percent.   The share of adjustable rate mortgages (ARMS) increased to 7.2 percent from 6.6 percent in August.  

  • Bright Economic Outlook Muted by Housing Data

    Fannie Mae's Economic and Strategic Research (ESR) group is still expecting that economic growth will "likely" be solid in the third quarter, but they are otherwise hedging their bets.  In their October Outlook, the economists said the lower job growth in September does not alter their view that the labor market is strong, but GDP growth has probably slowed from its second quarter pace, partly reflecting a deceleration of product investment and consumer spending.

    The surge of soybean exports that tried to get ahead of tariffs has subsided and with a strengthening dollar, the trade deficit has probably widened, and residential fixed investment is probably also down, extending that decline into a third straight quarter. Real estate sales commissions are part of that calculation and home sales have declined as interest rates have risen.

  • CFPB Strangely Quiet – A Good Thing?

    CFPB Strangely Quiet – A Good Thing?

    The post CFPB Strangely Quiet – A Good Thing? appeared first on National Real Estate Post.

  • Rise of The Real Estate Teams

    Anyone who has ever worked as a real estate agent will understand the real reasons behind a new finding from the National Association of Realtors® (NAR). The organization recently conducted a survey among its Realtor members to find out how many considered themselves as members of a team.

    The survey, conducted in July, involved a sample of 50,436 active Realtors.  A total of 3,483 useable responses were received for an overall response rate of 6.9 percent. The responses indicated that the team concept is becoming more common in the real estate world, although it certainly is not dominating it.  Twenty-six percent of respondents said they were members of a team.

  • Annual Rent Growth Finally Turns Negative

    Evidence is growing that the housing market is cooling, and Zillow is adding to the pile of proof. However, its contribution points more to a slowdown in the rental market than breaking any news about housing prices.  

    The company says that annual rent growth has now slowed nationally for eight straight months and turned negative on an annual basis last month for the first time since July 2012. The annual rate of growth in September was -0.2 percent, not only a negative but far from the peak rate of appreciation, 6.6 percent, in July 2015.  Still, monthly rent is hardly pocket change.  The national median after that 0.2 percent or $36.00 decline, was $1,440. 

  • Tips from the Street Episode 101

    Tips from the Street Episode 101

    The post Tips from the Street Episode 101 appeared first on National Real Estate Post.

  • Housing Inventory Improves – Housing Affordability Worsens!?!

    Be sure to share this with a friend, we all know that our entire industry should be reminded of this message! Learn more about the guys at theREsource.tv

    The post Housing Inventory Improves – Housing Affordability Worsens!?! appeared first on National Real Estate Post.

  • Alone in the Storm

    Over the last couple months, I’ve had some deals that were real doozies- the kind where if someone asks you what’s going on, it’s so complicated that it would take a half hour just to explain all the ins and outs; the kind that requires expert advice, lots of phone calls, favors, and research. When […]

    The post Alone in the Storm appeared first on National Real Estate Post.

  • Fannie CEO Steps Down with Shocking Prediction

    Fannie CEO Steps Down with Shocking Prediction

    The post Fannie CEO Steps Down with Shocking Prediction appeared first on National Real Estate Post.

  • Mortgage Apps Take a Nosedive, Rates on the Rise

    Mortgage applications were down last week by the largest seasonally adjusted percentage since September 2017. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, dropped by 7.1 percent during the week ended October 12, and was down 7.0 percent unadjusted. There was a minor holiday, Columbus Day, that shortened the week for some financial institutions, but MBA said its numbers were adjusted to account for the holiday. Refinancing also suffered a major loss, declining 9 percent compared to the week ended October 5.  

  • MBA Forecast: Purchase Originations to Remain Healthy as Fed Hikes Rates

    Purchase mortgage originations are expected to increase a bit in 2019, but not by enough to offset the continuing decline in refinancing.  A forecast from the Mortgage Bankers Association (MBA), released Tuesday at its 2018 Annual Convention and Expo, predicts a 4.2 percent gain over the 2018 volume of purchase mortgages next year to a total of $1.24 trillion.  However, the association expects refinancing activity to fall 12.3 percent to $395 billion.  The result will be a net decrease of about $1 trillion in total originations to $1.63 trillion.


  • Housing Construction Down But Not Out

    All three reports on residential construction activity in September were disappointing, but no more so than any of the other housing data that speaks to the ongoing process of leveling-off.  While there had been some erosion expected from the August numbers, the actual data did not meet analysts' expectations.  Upward revisions to August permitting took some of the sting out of that report, but the opposite happened with housing starts.  Results were particularly poor in the South, likely resulting from the impact of Hurricane Florence.

    Permits for residential construction were issued at a seasonally adjusted annual rate of 1,241,000 units.  This is 0.6 percent lower than the August estimate of 1,249,000 and 1.0 percent below the annual rate of 1,254,000 the previous September.  The August number was an upward revision from the 1,229,000 units previously reported, wiping out some of that month's original 5.7 percent loss.

  • Government Makes Billions Off Mortgage Fines

    Government Makes Billions Off Mortgage Fines

    The post Government Makes Billions Off Mortgage Fines appeared first on National Real Estate Post.

  • New MBA President Puts Regulatory Reform at Top of Wish List

    MBA President and CEO Bob Broeksmit, the Mortgage Bankers Association's (MBA's) newly installed president and CEO, delivered his inaugural speech to MBA's annual convention on Monday, and he appears, at least from his prepared remarks, to be coming out swinging.  His address opened with the sentence, "Mortgage market regulations are increasing costs and limiting YOUR ability to serve YOUR customers."

    After presenting his background in the mortgage industry, Broeksmit went on to detail what he and MBA plan to do about those regulations, noting that new leadership in seven regulatory offices* that oversee the mortgage industry presents new opportunities to educate and inform policymakers. He also said MBA will be working with the new Congress to be elected next month regardless of who wins. The goal is to recommend reasonable changes to the regulations and laws which he said have increased costs or prevented MBA members from serving their customers.

  • Falling Lumber Costs Push Builder Confidence Higher

    Builder confidence ticked up 1 point in October, rising to 68. The National Association of Home Builders (NAHB), which produces the NAHB/Wells Fargo Housing Market Index (HMI) says this measure of confidence levels has held in the high 60s since June.

    "Builders are motivated by solid housing demand, fueled by a growing economy and a generational low for unemployment," said NAHB Chairman Randy Noel. "Builders are also relieved that lumber prices have declined for three straight months from elevated levels earlier this summer, but they need to manage supply-side costs to keep home prices affordable."

  • Home Price Reductions Are Increasing, Especially at High End

    Recent research from Trulia shows home price reductions are increasing.  The share of homes for sale that have had at least one price cut since being listed is the highest since 2014.  This, the company says, is more evidence that the market may finally be tilting in homebuyers favor, but the benefits are certainly not evident across the board, or maybe even where they are most needed.

    During the first part of this year the share of listings with a price changes stayed much as it was in 2017, but then shot up in July and August. When this is coupled with the slowdown in home price growth that has been noted in most indices, and inventories that are finally creeping up, the increase in price cuts, according to Trulia, could be a critical third confirmation that things may finally be shifting in buyers' favor.

  • New BLME Association Growing Fast

    New BLME Association Growing Fast

    The post New BLME Association Growing Fast appeared first on National Real Estate Post.

  • Freddie Mac Announces More "Big Data" Tools

    Freddie Mac is announcing a couple of enhancements to its Loan Advisor underwriting tool.  The additional capabilities will allow lenders to automate the assessment of borrower income and assets to reduce documentation which the company says will significantly speed-up the approval process. The automated collateral evaluation has been available in some form previously and with this announcement appears to be extended to condominium units. It is unclear from Freddie Mac's announcement whether there will be additional capabilities or whether it is being expanded to more locations or properties. What the company says is, "This new capability will speed up and lower the cost of the loan origination process for you and your borrowers. 

  • "Debt-to-Income" Now Biggest Player in Mortgage Denials

    Mortgage denial rates ebb and flow with the economy, with lenders appetite for risk, and sometimes with the pressure lenders feel to make loans. Denial rates in 2017 continued to diminish as they have done since the economy began to improve in 2013 and were the lowest in any year since at least 2004. Using data collected from lenders under the Home Mortgage Disclosure Act (HMDA), CoreLogic estimates only about one in ten mortgage applications were denied last year. Poor credit used to be the primary reason that lenders turned borrowers away, but Yanling Mayer, writing in the CoreLogic Insights blog, says that, in the current credit cycle that has changed.  

  • New CFPB Controversy

    New CFPB Controversy has come to light with the appointment of the new Head of Fair Housing.

    The post New CFPB Controversy appeared first on National Real Estate Post.

  • New Home Sales Dip, Still Stronger than Last Year

    The Mortgage Bankers Association (MBA) reports a drop in applications for the purchase of newly constructed homes last month.  Those applications fell by 3.9 percent compared to August although they remained 8.2 percent higher than they were the previous September.  The change does not reflect any seasonal adjustment.  The information comes from MBA's Builder Application Survey (BAS) which is conducted among the mortgage subsidiaries of new home builders. Based on the survey data as well as other marketing data, MBA projects that new home sales were running at a seasonally adjusted annual rate of 643,000 units. 

  • Furry, Fuzzy, Scaly, Motivation

    Want to get that reluctant customer who has been "about to" buy a home for months a little push? If an analysis by the Urban Institute (UI) as reported in Freddie Mac's Homeownership blog is on target, your best marketing tool might be available at the local animal shelter. Admittedly that is a bit of a stretch, but here's the rationale. Both the 2013 and the 2017 American Housing Surveys (AHS), asked respondents "would you need help with your pets in case of a disaster?"  Respondents had the option to say if they did not own a pet.  The question is obviously meant for planning purposes for communities as they prepare emergency plans, but UI looked at responses from a different perspective.


  • Make Sure Your Clients are Properly Covered

    Make Sure Your Clients are Properly Covered

    The post Make Sure Your Clients are Properly Covered appeared first on National Real Estate Post.

  • Moody's Examines (And Endorses) Affordable Housing Bill

    It was largely ignored with the ongoing rush of news from Washington, but late last month Senator Elizabeth Warren (D-MA) introduced a bill she says is aimed at increasing the amount of affordable housing, both for purchase and for rent.  That bill, SB 3503, the American Housing and Economic Mobility Act, is now the subject of an independent analysis by Moody Analytics. Mark Zandi, Moody's Chief Economist authored the report.  

    Zandi notes that construction of high-end housing, both for purchase and rent, recovered first from the housing crises and that type of housing is now in oversupply in many urban areas.  Construction of units that are affordable for lower- and middle-income households to rent or own however, has only recently begun to increase and they continue to significantly lag demand. The worsening shortage of affordable housing is clear in the low and still declining rate of housing vacancies.  Unoccupied housing for rent or sale has fallen sharply since the housing crash and is now as low as it has been in more than 30 years.

  • RE/MAX Comes in at Number 1 for 2017

    RE/MAX Comes in at Number 1 for 2017

    The post RE/MAX Comes in at Number 1 for 2017 appeared first on National Real Estate Post.

  • Mortgage Application Activity Dwindles as Rates Move Higher

    Mortgage application activity declined during the week as the 30-year mortgage rate crossed the 5.0 percent line for the first time in seven years and other products moved to new seven or eight year highs.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measures of application volume, declined by 1.7 percent on a seasonally adjusted basis during the week ended October 5.  On an unadjusted basis the index was down by 2.0 percent. The seasonally adjusted Purchase Index lost ground for the first time in six weeks, decreasing by 1 percent compared to the previous week, and was down by 1.0 percent on an unadjusted basis as well.  

  • Barry Habib 2019 Rate Outlook

    Barry Habib 2019 Rate Outlook. CLICK HERE to see the latest CNBC write up on Barry.  CLICK HERE to try MBS Highway for Free. Here is the Lending QB video:    

    The post Barry Habib 2019 Rate Outlook appeared first on National Real Estate Post.

  • "Good Time to Buy" Sentiment Bounces Back

    It appears that, while Americans are generally upbeat about the economy, housing, and their own financial fortunes, they have a little difficulty maintaining those sentiments.  Fannie Mae said today that its Home Purchase Sentiment Index (HPSI) reversed direction again in September, falling 0.3 point to 87.7. The downturn did not erase the strong August results; the index gained 1.5 points, recovering from two straight months of loss. The September HPSI, which is based on some responses to Fannie Mae's National Housing Survey (NHS), dipped because of declines in three of its six components including the two reflecting sentiment about personal finances. 

  • High LTVs, VA Mortgages Could Aggravate Florence Storm Impact

    Hurricane Florence, the storm that tore up much of eastern North and South Caroline in September, may be especially disastrous in terms of VA loans.  Black Knight looks at the possible impact of the storm in its current issue of Mortgage Monitor. In the 34 localities declared as Hurricane Florence disaster areas the Monitor found there were a total of 1.17 million properties, 474,000 of which carry at least one mortgage.  North Carolina bore the brunt of the storm, and 80 percent of the affected mortgages, an estimated 385,000, representing more than 20 percent of both total properties and mortgaged homes, are in that state.  

  • Reissue: Credit Repair Deemed as Fraud?

    Reissue:  Credit Repair Deemed as Fraud? Due to an issue with this show on Friday we’ve decided to reissue it today.  We’ll be back with a new show tomorrow. Thanks!

    The post Reissue: Credit Repair Deemed as Fraud? appeared first on National Real Estate Post.

  • Credit Repair Deemed as Fraud?

    Credit Repair Deemed as Fraud?

    The post Credit Repair Deemed as Fraud? appeared first on National Real Estate Post.

  • Artificial Intelligence Improves Profitability, Efficiency, and Customer Experience

    Mortgage lenders have been increasingly reporting tighter margins as costs rise for each actual loan transaction.  In the last few years the principal reason behind this as revealed in Fannie Mae's quarterly Mortgage Lender Sentiment Survey has been increased competition for customers. As the demand for refinancing has fallen, purchase originations have not yet been able to pick up the slack, exacerbating the situation. The survey has found lenders are working to improve efficiency to cut the cost part of the profit equation.


  • Can Gen X/Z Buy the Homes They Want?

    Can Gen X/Z Buy the Homes They Want?

    The post Can Gen X/Z Buy the Homes They Want? appeared first on National Real Estate Post.

  • Fannie Mae Requests Changes in Duty to Serve Plans

    Nearly two years ago the Federal Housing Finance Agency (FHFA) approved Underserved Market Plans from Fannie Mae and Freddie Mac.  These plans, part of FHFA's Duty to Serve mandate to the two GSEs, set forth their plans for serving three specific markets, manufactured housing, affordable housing preservation, and rural housing, by increasing the liquidity of mortgage investments and improving the distribution of capital available for mortgage financing for very low-, low-, and moderate-income families in the three markets.  The plans went into effect at the first of the year, and the GSEs have used them to set several programs in motion. Most recent was last week's announcement from Freddie Mac of an intent to expand mortgages available to shared equity housing arrangements.


  • FICO Scores Hit Record High

    Lesson learned?  Whether they saw their credit decimated by the housing crisis and the Great Recession or merely watched loan standards tightened beyond their ability to qualify, Americans seem to have taken to heart the importance of their credit scores.  The result, FICO says, is that consumer credit scores have reached a new high, an average of 704 points. Kenneth Harney, in an article for the Washington Post's Writers' Group, quotes FICO Vice President of Scores and Analytics Ethan Dornhelm that Americans are "making more judicious use of credit." This means higher scores on the FICO model that weights them not only in terms of on-time payments but on the length of the credit history, the amount and type of credit a consumer has available, and how much of that available credit is being used.


  • Mortgage Credit Tightens, Government Programs Drive Change

    The availability of mortgage credit at least as measured by the Mortgage Bankers Association's (MBA's) Mortgage Credit Availability Index (MCAI) pulled back in September, with the government component of the index falling to the lowest level in four years.  The MCAI registered 182.1 at month's end, an 0.8 percent decline.  An increase in the index indicates a loosening of credit, a lower number indicates standards have tightened. The components, representing different loan programs, largely offset each other, making substantial moves in both directions.  The Conventional MCAI rose 1.2 percent and one of its components, the Jumbo Index increased by 2.7 percent.   The Conforming MCAI, the second part of the Conventional Index, decreased by 0.7 percent and the Government MCAI lost 2.5 percent.


  • Robot That Hangs Sheetrock

    We don’t know if this is awesome or horrifying.  Check out the robot that hangs sheetrock.

    The post Robot That Hangs Sheetrock appeared first on National Real Estate Post.

  • Upfront Home Costs Add Up - Especially if Downpayment is Included

    Two Zillow subsidiaries are estimating it will cost the average U.S. homebuyer $40,000 to get in the door of their new home.  Depending on where the home is located, according to a new analysis from RealEstate.com and Thumbtack, the number could be $26,641 (in Cleveland)  or $202,834 (San Jose.)  That headline number however is a little misleading. The study looked at the one-time fees that homebuyers can expect as they close and move into those homes, and the largest chunk is, of course, the downpayment. In their analysis the two companies estimated the amount needed for a 15 percent downpayment on a typical U.S. home ($32,700 in July 2018) plus additional costs.


  • Purchase Mortgage Volume Manages Small Gains, Rates Effectively Unchanged

    As mortgage interest rates moved higher during the week ended September 28, with small increases carrying most to new seven year highs, application activity almost froze in place.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was unchanged from the prior week on a seasonally adjusted basis and lost 0.2 percent on an unadjusted basis. The Refinancing Index decreased 0.1 percent from the previous week.  The share of applications that were for refinancing was unchanged from the week ended September 21 at 39.4 percent.


  • Travel Agents Still Exist and So Do You

    Travel Agents Still Exist and So Do You

    The post Travel Agents Still Exist and So Do You appeared first on National Real Estate Post.

  • Small Monthly Gains in Construction Spending Start to Add Up

    The total value of construction put in place during August only ticked up 0.1 percent compared to July, but the small, steady increases each month have now put spending up 6.5 percent compared to August 2017.  The Census Bureau put the seasonally adjusted annual rate of spending in August at $1,318.5 billion.  The July estimate was 1,317.4 billion and the prior August it was $1,237.5 billion. On a non-adjusted basis there was $122.0 billion spent during the month, compared to $122.0 billion in July.  Year-to-date (YTD) expenditures are also up significantly from last year.  During the first eight months of 2017 there were $818.8 billion expended; spending during the same period this year totals $862.0 billion, an increase of 5.2 percent.


  • Home Price Gains at Two-Year Lows

    The take-away from CoreLogic's report on its August Home Price Index is that home price appreciation during the month was the slowest in two years.  The national index was up 0.1 percent compared to July while the year-over-year gain, while also indicating a slowdown, was still a strong 5.5 percent. Price gains were highest by a huge margin in Nevada with a 13.0 percent annual increase. Washington State prices rose 9.1 percent and in Utah the increase was 8.9 percent. Five other states posted gains of 7 percent or more including one surprise entry, West Virginia.  


  • Brace for Higher Rates

    Brace for Higher Rates Barry Habib has been spot on with his calls on the market, even getting noted by CNBC for his accuracy.  It’s easy to stay tuned to Barry through MBS Highway.  CLICK HERE for a free trial.

    The post Brace for Higher Rates appeared first on National Real Estate Post.

  • Dip in Pending Home Sales is Awesome News

    Dip in Pending Home Sales is Awesome News Here is the link to the article:  CLICK HERE Here is what to put in your email with the link:  Hey check out this article, I’ll give you a call later to chat with you about it. Here is your script when you talk to them and […]

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  • Freddie Mac Gives Shared Equity Ownership a Closer Look

    Freddie Mac made two announcements this week.  The first is a long expected administrative change to requirements for private mortgage insurance (PMI) which will go into effect on March 31, 2019.  The company updated these requirements under a mandate from its regulator the Federal Housing Finance Agency (FHFA), incorporating changes related to its assessment of credit and counterparty risk. The new financial requirements include revisions to the risk-based asset requirements, enhancements to the treatment of approved risk transfer transactions, and adjustments to risk transfer credit arising from counterparty risk associated with reinsurance transactions.  PMI is required for mortgages where the borrower is making less than a 20 percent down payment.


  • Real Estate Wire Fraud Skyrockets in 2018

    Real Estate Wire Fraud Skyrockets in 2018 CLICK HERE for the NMN Story CLICK HERE for the Housing Wire Story CLICK HERE for the DS News Story

    The post Real Estate Wire Fraud Skyrockets in 2018 appeared first on National Real Estate Post.

  • IRS Slams Door on Property Tax Workarounds

    One of the more contentious provisions of the 2017 Tax Cuts and Jobs Act (TCJA) was a new ceiling on the SALT deduction.  This is the amount taxpayers can deduct on federal tax returns for what is paid in state and local taxes including income, sales, and property taxes.  The new limit is $10,000 where previously there was none.  The increase in the standard deduction included in TCJA meant most taxpayers are better off not itemizing SALT and other Schedule A deductions and the change is also is expected to bring the Treasury an additional $36 billion in revenue this year, reaching $90 billion by 2024.

  • Housing Sentiment Lukewarm, Leads to Dismal Sales - Again

    The leading indicator for existing home sales continued to struggle in August and for the fourth time in the last five months purchase contract executions fell back from those in the previous month. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contract signings, dropped 1.8 percent to 104.2 from the July reading of 106.2.  NAR said it was also the eighth straight month that its index was lower year-over-year. The August reading was down 2.3 percent from the level in August 2017.


  • Tariffs Helping Real Estate?

    Tariffs Helping Real Estate?

    The post Tariffs Helping Real Estate? appeared first on National Real Estate Post.

  • Mortgage Applications: Purchase Volume Continues to Improve

    The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage application volume, moved higher during the week ended September 21 as did all of its seasonally adjusted and unadjusted components.  It was the second straight week that all of the MBA indices gained ground, the first such double play since early 2016. The Component index was up 2.9 percent on a seasonally adjusted basis compared to the week ended September 14 and 2.0 percent on an unadjusted basis.  The volume of applications for purchase mortgages increased 3 percent on an adjusted basis, the fourth week in a row that measure has gained ground.  It was up 2 percent before adjustment. 

  • Freddie Mac Portfolio Up 6.1 Percent in August

    Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 6.1 percent in August.  The portfolio balance at the end of the period was $2.147 trillion compared to $2.136 trillion at the end of July and $2.052 trillion a year earlier.  Purchases and Issuances totaled $38.413 billion, bringing the 2018 year-to-date total to $254.304 billion, Sales were ($2.569) billion and Liquidations ($26.066) billion in August and totaled ($15.442) and ($189.264) billion respectively so far this year.  The annualized growth rate for 2018 through the end of August was 3.5 percent and the annualized liquidations rate was (13.5) percent. 


  • New Home Sales Reverse Course, Ending Two-Month Deficit

    New Home Sales posted a month-over-month increase for the first time since May according to Wednesday's report from the U.S. Census Bureau and the Department of Housing and Urban Development.  Sales in August rose 3.5 percent to a seasonally adjusted annual rate of 629,000 from a revised rate of 608,000 in July. July's revision takes a little of the bloom off of the August report as July sales were originally reported at a rate of 627,000 units, already a 1.7