New Home Purchase Applications Up in July

According to a recent survey conducted by the ""Mortgage Bankers Association"":http://mbaa.org/ (MBA), applications for new home sales are on the rise.

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This particular survey, the MBA's Builder Application Survey (BAS), records application volume from mortgage subsidiaries of home builders across the country and is thus able to provide an outlook forecast of new home sales volumes at the national, state, and city level.

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Specifically focused on coverage of the month of July 2013, the information gathered by MBA revealed that mortgage applications for new home purchases rose by an estimated 14 percent versus those present in June. Representing 66.5 percent of this total was conventional loans, followed by loans insured by the Federal Housing Administration (FHA loans) that accounted for 17.5 percent. Loans for veterans (VA) rounded out the total with 14.5 percent.

Likewise, the month-to-month increase from June to July in the average loan amount of a new residence rose from $283,111 to $288,382.

Incorporating information gathered from the BAS, alongside professional outlooks deducted from marketing coverage and other related factors, MBA supposes that sales of new single-family homes were operating at a seasonally adjusted yearly rate of 481,000 in the month of July 2013. Unadjusted, the MBA offers that there were close to 43,000 new residence sales for July 2013.