Housing Market Continues to Show Signs of Recovery

by on January 4, 2010

Applications for new home loans soared up 42% during this traditionally slow time of year while mortgage rates continued to hold fairly steady.

There is much speculation as to the reasons for this better than expected number. One theory is that the extension of the $8000 tax credit may have contributed to it, or the new tax credit of $6500 for move-up home buyers or perhaps the slight increase in mortgage rates was the deciding factor.

What ever the cause, this is welcome news for many Realtors throughout the country.

Elsewhere, Freddie Mac’s found home prices nationwide was up by 1% for the third quarter, this is on top of the 2% gain which was experienced in the second quarter.

Realty Trac reported that foreclosure filings were down by 8% in November.

All in all, these are very good signs for the economy as we head into 2010.

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