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Did Fair Weather, Low Rates promote Huge Jump in New Home Sales?
Thursday, March 10, 2016
If the Mortgage Bankers Association (MBA) is correct there was a huge jump in new home sales in February. MBA's Builder Application Survey (BAS) which it conducts monthly among mortgage subsidiaries of new home builders showed a 24 percent surge in applications for new home purchase mortgages compared to January.
On a seasonally unadjusted basis, the MBA estimates that there were 47,000 new home sales in February 2016, an increase of 23.7 percent from 38,000 new home sales in January. On a seasonally adjusted annual basis the pace of sales is estimated at 544,000 units, an increase of 9 percent from the January pace of 499,000 units
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