It’s no secret that there’s a shortage of available homes for sale in today’s real estate market. But the reasons behind the shortage are a little less obvious. Some experts believe the low inventory is a result of several factors, among which include homeowners still struggling with low equity as a result of the Great Recession. However, there are some experts that are looking at a particular generation that’s causing a clog in the inventory pipeline: Baby Boomers.
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More people applied for mortgages to purchase newly built homes in July than they did a year ago, according to data from a recent industry survey. The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) for July 2017 revealed a 5.1 percent increase in mortgage applications for new home purchases compared to a year ago. Since June 2017, applications decreased by 12 percent. According to the MBA, these changes reflect figures that are not adjusted for typical seasonal patterns.
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