Apps for New Home Purchases Down by 18 Percent

NationalMortgageProfessional.com

Dec 12, 2013

MBA’s Builder Application Survey data for November 2013 shows mortgage applications for new home purchases decreased by 18 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 66.2 percent of loan applications, FHA loans composed 19.9 percent, RHS/USDA loans composed 1.1 percent and VA loans composed 12.9 percent. The average loan size of new homes increased from $294,480 in October to $295,523 in November. Utilizing information from the BAS, as well as assumptions regarding market coverage and other factors, MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 455,000 in November 2013. On an unadjusted basis, the MBA estimates that there were 32,000 new home sales in November 2013.

Link copied

Published

Dec 12, 2013

Analysis and Data

Resilient Labor Market Adds 339K Jobs In May

Despite 15% increase in new jobs from April, unemployment rate rises to 3.7%.

The U.S. labor market continues to defy efforts to slow the economy, adding a surprising 339,000 jobs in May, nearly double the expectations of economists, the government said Friday. Despite the biggest increase in employment since January, the unemployment rate rose by 3 ...

Regulation and Compliance

6 Federal Agencies Seek Comment On Proposed Rule For AVMs

The rule is intended to ensure the credibility and integrity of Automated Valuation Models.

Six federal regulatory agencies on Thursday requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in automated real estate valuations.  The proposed rule would implement quality control standards for automated valua...