Purchasing Activity Recovers from April Lows

The housing market is currently on a path to bouncing back from an especially brutal April. According to the National Association of Homebuilder’s “Eye on Housing,”the Mortgage Bankers Association’s latest Weekly Application Survey shows a slight rise in purchasing activity, as well as a slight decline in refinancing of existing home loans. Each measurement changed by about 6 percent on a seasonally adjusted basis.

Applications for home purchases have been steadily increasing for five straight weeks following a huge drop during April. Also showing similar improvement is the NAHB/Wells Fargo Housing Market Index, which shows builders’ confidence making solid gains.

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