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Software for funding new home purchases slipped in June in spite of the continued easing of mortgage rates of interest. The Mortgage Bankers Association (MBA) stated its Builder Application Survey (BAS) reveals mortgage programs for new home purchases rose 17.9 percent in comparison to a year ago but were down 14 percent in the preceding month. This change does not include any alteration for average seasonal patterns. According to questionnaire data and assumptions concerning market coverage and other elements, MBA estimates that sales of newly constructed homes were at a seasonally adjusted annual rate of 646,000 units in June. That can be down 11.1 percent from the May pace of 727,000 units. In an unadjusted basis, MBA estimates that there were 58,000 new home sales, a 5.9 percent fewer than the 69…(read more)

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