Increase in mortgage applications could signal improvement in the real estate market
March 11, 2010 - More prospective homebuyers are scrambling to make purchases before low interest rates and the Federal Housing Tax Credit Program become things of the past, new research suggests.
ABC News reports that mortgage applications increased last week, which could indicate that the real estate market is growing closer to recovery. According to the Mortgage Bankers Association, the number of applications for home purchase loans rose by 5.7 percent, while refinancing applications decreased by 1.5 percent.
Bill Emerson, CEO of Quicken Loans, told the news source that although these figures present promising news for the housing market, many homeowners are still in danger of falling into foreclosure or short sale.
"While many people have already refinanced over the past year, there is still a huge amount of borrowers who can benefit from it," he added.
Although many prospective buyers are waiting to see if home prices will fall even further, those who are considering moving into a new house may want to act quickly, as the Federal Housing Tax Credit is slated to expire next month. These rebates could be worth as much as $8,000 for first-time homebuyers, according to the National Association of Homebuilders.
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