The National Association of Home Builders is reporting this week U.S. builder confidence retreated in August 2023 as rising mortgage rates and stubbornly high shelter inflation have further eroded housing affordability and put a damper on consumer demand.
Based on the Mortgage Bankers Association's latest Builder Application Survey for July 2023 shows U.S. mortgage applications for new home purchases increased 35.5 percent compared from a year ago. Compared to June 2023, applications increased by 0.2 percent. This change does not include any adjustment for typical seasonal patterns.
Based on ATTOM's newly released July 2023 U.S. Foreclosure Market Report, there were a total of 31,877 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- down 9 percent from a month ago but up 5 percent from a year ago.
According to data from the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending July 28, 2023, U.S. mortgage applications decreased 3.0 percent from one week earlier.