Mortgage applications for the week ending January 13 rose 23.1%. Refinancing applications increased 26.4%. Purchase volume rose 10.3%.
The National Association of Home Builders/Wells Fargo monthly housing market index rose four points in January, it was the highest level since June 2007.
Existing home sales rose 5% in December to a seasonally adjusted annual rate of 4.61 million units from a downwardly revised 4.39 million units in November. The inventory of unsold homes on the market decreased to 2.38 million, a 6.2-month supply at the current sales pace, down from a 7.2-month supply in November.
Initial claims for unemployment benefits fell by 50,000 to 352,000 for the week ending January 14. It was the lowest level since April 2008.
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Prudential Real Estate, Southern California
Mortgage, Title, Escrow, Insurance, Home Warranty, Relocation
