Wednesday, August 19, 2009

Mortgage applications show that housing market beginning to recover

The weekly mortgage application report from the Mortgage Bankers Association (MBA) showed a modest rise in applications to purchase, a third consecutive gain, as well as a modest rise in the 4-week moving average of applications to purchase. This is clear evidence that the housing market is beginning to recover.

Call this a green shoot.

In my own limited personal experience, I noticed that a sale finally occurred in the mobile home park where my mother's mobile home is down in Manahawkin, New Jersey. It sold for an 18% discount to the listed price and had been listed for five and a half months. It was the cheapest unit in the park. That isn't much progress, but it is finally some progress. Call that a green shoot as well.

-- Jack Krupansky

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