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New Home Sales Need More Trees and Contractors

The Mortgage Bankers Association (MBA) is projecting a decline in new home sales for June, putting them significantly behind those in June 2017.  MBA's Builder Applications Survey (BAS) shows mortgage applications for the purchase of newly constructed homes were down 12 percent from May and 8.8 percent year-over-year. The survey's results are not adjusted to reflect seasonal patterns.

 "Applications for new home purchases fell in June, both compared to last year at this time and relative to May, which fits the seasonal pattern. So far this year, new home applications are up 2.5 percent relative to the first 6 months of 2017. Our sense is that builders remain constrained by the tight job market for construction labor and rising input costs, particularly lumber costs," said Mike Fratantoni, MBA Chief Economist and Senior Vice President of Research and Industry Technology.

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