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Increase in purchase applications shows surge in moving activity

An increase in purchase applications means moving activity is on the rise.

An increase in purchase applications means moving activity is on the rise.

A continuing increase in the number of mortgage applications for the purchase of a new home shows that a growing number of consumers are considering relocation.

According to the latest figures from the Mortgage Bankers Association, while the total number of mortgage applications fell over the last week, the seasonally-adjusted number of purchase applications actually increased by 6.3 percent compared to the previous week.

The overall decrease was caused by a 3.1 percent drop in refinancing activity, which made up more than 80 percent of all applications. Analysts said that while the figure was encouraging, the real estate market still has a lot of work to do.

"Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well elow levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago," said Michael Fratantoni, the vice president of research and economics for the MBA.

There are still a number of factors which are hindering the moving ability of families nationwide, according to Reuters. The source said that unemployment, low home equity and the difficulty in putting together a down payment remain the biggest obstacles to those considering buying a home.ADNFCR-3450-ID-19937602-ADNFCR