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Released: September 08, 2010

Home buying pace rises, most are refinancings

Source: Reuters (MSNBC.com) (Free Registration)

Americans applied to buy homes at the highest pace last week since May, but more than 8 of every 10 loan requests was for a refinancing, Mortgage Bankers Association data show on Wednesday.

August employment and July pending home sales surpassed forecasts and could portend a rise in deeply depressed home sales, economists said.

Still, about 82 percent of all loans last week were for refinancings rather than purchases, with unemployment still high at 9.6 percent and the U.S. housing market groping for a bottom.

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