We thought that we would share this article with you that was written by Kenneth R. Harney and published in Realty Times on March 13, 2008. We encourage all of you out there to share this story with your customers and potential customers:
You might assume from the steady drumbeat of bad news about housing and real estate that there’s nothing encouraging out there in the economy. But you’d be wrong. And you might just be missing some positives in the market equation that you could put to work for you. So amid the gloom and doom, here are a few examples of trends that are at least slightly hopeful … and might even be helpful:
Number One: New mortgage applications nationwide jumped last week for the first time in more than a month, according to the Mortgage Bankers Association.
New applications for loans to purchase houses — a very important indicator of home buying in the months ahead — were up by 1.4 percent on a seasonally-adjusted basis. But they rose by a surprising 14 and a half percent on an unadjusted basis — that’s the raw numbers last week compared with the week before.
Why the sudden increase?
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