Mortgage purchases signal housing recovery may be here.
"Applications for home purchases continue to recover from April's sizeable drop and have now increased for five consecutive weeks. Purchase activity - which was 35 percent below year-ago levels six weeks ago - increased across all loan types and was only 1.5 percent lower than last year," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "Government purchase applications, which include FHA, VA, and USDA loans, are now 5 percent higher than a year ago, which is an encouraging turnaround after the weakness seen over the past two months. As states gradually reopen and both home buyer and seller activity increases, we will be closely watching to see if these positive trends continue, or if they reflect shorter-term, pent-up demand."
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