February 5, 2014
More Homes On The Market, But Loan Applications Are Down
While the application volume for home purchase loans in the U.S. increased 14 percent last week versus the week before, a typical seasonal move, the volume is down 17 percent year-over-year according to the Mortgage Bankers Association's latest survey.
While a lack of inventory is certain to be blamed for holding back applications, according to the National Association of Realtors' own data, inventory levels are actually up on a year-over-year basis, with 1.86 million existing homes on the market at the end of December versus 1.82 million homes on the market at the end of 2012.
First Published: February 5, 2014 8:45 AM