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MBA Sees Sales Falling in Nov Despite Longer-Term Strength; Delinquency Uptick Not a Distress Signal; Rates Higher Ahead of Fed

MBA Sees Sales Falling in Nov Despite Longer-Term Strength; Delinquency Uptick Not a Distress Signal; Rates Higher Ahead of Fed

The Mortgage Bankers Association (MBA) projects a decrease in new home sales in November compared to the previous month, but still sees those sales running well ahead of last year . MBA's Builder Applications Survey (BAS), conducted among mortgage subsidiaries of home construction companies, indicates that sales during the month were down 6 percent from October, but were a healthy 12.2 percent higher than in November 2016. MBA estimates this puts the number of sales during the month at a seasonally adjusted annual rate of 663,000 units compared to 659,000 units in October. On an unadjusted basis, there was an apparent decline month-over-month of 11.3 percent, from 53,000 to 47,000 new homes. The sales estimate is derived using mortgage application information from the BAS, as well as assumptions
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