Asked by Jim Walker, Carmichael, CA • Sat Aug 11, 2007
reports of a turn around in mortgage demand and analysis by a Wachovia analyst think that signs are pointing to the market rebounding to a greater or lesser extent.
The Mortgage Bankers Associationâ€™s index of applications to buy a home or refinance a loan jumped 8.1 percent to 656.5 from 607.1 the prior week. A gauge of demand for credit for home purchases rose 7.4 percent, and the average rate on a 30-year fixed mortgage fell for the fourth consecutive week, the group said today.
A resilient labor market and lower home prices may support sales and eventually help reduce the glut of unsold properties, economists said. A report last week showed Americans signed more contracts to buy previously owned homes in June, a sign the weakness in the housing market may not get much worse.
â€œWeâ€™re at the bottom right now in housing,â€ said Mark Vitner, senior economist at Wachovia Corp. in Charlotte, North Carolina. â€œThe biggest declines are over
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