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Ft Lauderdale Real Estate News 10/16/13

mortgage bankers report applications to buy new homes rise in florida, average loan increases as housing prices go up

The Mortgage Bankers Association’ (MBA) Builder Application Survey (BAS) for September 2013 found that mortgage applications for new home purchases in the U.S. decreased by 1 percent relative to the previous month, though the numbers aren’t adjusted to compensate for seasonal variations.

In Florida, however, new home applications rose both month-to-month and year-to-year. Compared to August 2013, applications rose 1.6 percent. Compared to September 2012, applications rose 10.7 percent.

By product type, conventional loans composed 68.4 percent of U.S. loan applications, FHA loans made up 16.6 percent, RHS/USDA loans composed 1.1 percent and VA loans made up 13.9 percent.

The average loan size of new homes increased from $284,392 in August to $289,650 in September.

MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 459,000 in September 2013. On an unadjusted basis, the MBA estimates that there were 36,000 new home sales in September 2013. Even though the mortgage rate declined nationally, the percentage of all-cash home sales led to the increased estimate.

© 2013 Florida Realtors®

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Jim Esposito

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