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MBA Says Buyers Will Return by Summer as Lockdown Ends

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says applications for financing new home purchases were down 25 percent in April compared to March and by 12 percent year-over-year. This data from MBA’s Builder Application Survey (BAS) does not include any adjustment for typical seasonal patterns. “New home purchase applications severely weakened in April, which coincided with the peak of the social distancing efforts and restrictions on non-essential activities to help slow the spread of COVID-19,” according to Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “During what’s typically the prime home buying season, activity fell 25 percent from March and decreased 12 percent from a year ago, ” he said. “MBA estimates that new home sales dropped to an annualized pace of 533…(read more)

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