New Home Purchases Decreased 9% in August

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 (Jeff Sorg, OnlineEd) – Data for August 2014 shows mortgage applications for new home purchases decreased by 9 percent relative to July 2014, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 424,000 units in August. The seasonally adjusted estimate for August is a decrease of 2.1 percent from July’s pace of 433,000 units. On an adjusted basis, MBA estimates that there were 34,000 new homes sales in August, a decrease of 8.1 percent in July. Compared to last year, the estimate of unadjusted new home sales are down 2.9 percent from August 2103.

By product type, conventional loans made up 68.9 percent of loan applications, FHA loans were 15.7 percent, VA loans comprised 14.3 percent and RHS/USDA loans were at 1 percent.

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  This article was published on September 11, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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About Jeff Sorg

Jeff Sorg is a co-founder of OnlineEd®, an online real estate, mortgage broker, and vocational school founded in 1997, where he also serves as Chief Executive Officer, and School Director. Sorg holds vocational and post-secondary school instructor licenses in several states and has authored numerous real estate continuing education and pre-licensing courses and has been awarded the International Distance Education Certification Center's CDEi Designation for distance education. Memberships include ARELLO (Association of Real Estate License Law Officials), the National Association of REALTORS®, Oregon Association of REALTORS®, and Portland Metro Association of REALTORS®. Awards and service include REALTOR® Emeritus in the National Association, Life Member award in Portland Metro Association and Chairperson of the Oregon Real Estate Forms Committee. OnlineEd® provides real estate, mortgage broker, insurance, and contractor pre-license, post-license, continuing education, career enhancement, and professional development and designation courses over the Internet.