Mortgage applications for new home purchases fell 9% month-over-month in May at a seasonally unadjusted pace ― the second consecutive month sales of new homes have dropped, according to data released Thursday by the Mortgage Bankers Association. Compared to May of last year, MBA’s Builder Application Survey (BAS) revealed purchases are down 5.9%.

On a seasonally adjusted basis, the MBA also estimates new home sales fell at an annualized pace of 4% in May, said Joel Kan, MBA’s associate vice president of economic and industry forecasting. Overall, the MBA estimates new single-family home sales were running at details ⇒

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