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Purchase Loans on the Rise
The post Purchase Loans on the Rise appeared first on National Real Estate Post.
Labor Day typically marks the end of
summer and the resumption of business as usual.
Hopefully it also marked the beginning of a turnaround for mortgage
applications, which increased across the board for the first time since
mid-June. The Mortgage Bankers Association (MBA) said its Market Composite
Index, a measure of mortgage application volume, was up 1.6 percent on a
seasonally adjusted basis during the week ended September 14. On an unadjusted basis the volume increased
12 percent from the previous week which was shortened by the Labor Day holiday.
Both permits and starts were expected to pick
up in August, at least holding on to their slight gains in July. Housing starts did deliver, posting a strong
increase, but permits, a leading indicator, were down sharply. The U.S. Census Bureau and Department of
Housing and Urban Development report that permits fell by 5.7 percent in August
to a seasonally adjusted annual rate of 1,229,000 compared to the July rate of
1,303,000. The July number was a
downward revision from the 1,311,000 units originally reported. This knocks the rate of permitting below the
August 2017 level of 1,300,000 units by 5.5 percent.