More good news for home inspectors: Mortgage applications up.

Mortgage applications increased 8.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA’s) Weekly Mortgage Applications Survey for the week ending May 6, 2011. The Market Composite Index, a measure of mortgage loan application volume, increased 8.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8.3 percent compared with the previous week. The seasonally adjusted Purchase Index increased 6.7 percent from one week earlier.

Even though The Refinance Index increased 9.0 percent from the previous week, and is at its highest level since the week ending March 18, 2011, InterNACHI inspectors shouldn’t attribute these applications to refinancing (where a home inspection isn’t performed). Michael Fratantoni, MBA’s Vice President of Research said. "Despite the recent increases however, refinance application volumes remain more than 50 percent below levels seen last fall.”

Good news for InterNACHI members all the way around.

IMO, re-fi’s should also be inspected. You just never know the true conditions of a home for a lender/bank. However, appraisers, who determine the value of a property on new home loans, now report defects to these lenders. Whether or not they are properly trained, is another issue.

I ran into that last week, The appraiser said the foundation had a defect and the bank got real nervous. Nothing was wrong with the foundation