Find The Good News

TGIF!

In the spirit of ending the week, that has seen some good news in the economy, on a good note I wanted to highlight some good news in the Housing Market.

According to the Mortgage Bankers Association mortgage applications continued a string of weekly increases. The press release states that mortgage applications for the week of March 11, 2009 increased 11.6% from the previous week (ending March 6, 2009) and a 5.7% increase from the same week a year earlier.

Yes, many news articles this week are leading with last month's foreclosure numbers increasing 6%. However, interest rates are at an amazingly low 5.02% and with more and more people applying for loans this leads to the strong possibility of more action in the housing market.

In my previous position with a local home builder we watched these numbers closely. Movement in the housing market was very important to us (even when it was not us selling a home). We would be highly encouraged by people buying homes because that meant people who sold their home potentially would be buying another home, thus creating a domino effect.

Reduction in housing inventory is important to getting our economy back on track. The housing industry affects a myriad of business (many of them small business) from contractors and their sales/marketing and support staffs to installers to suppliers, to manufactures. We may still have to endure for awhile longer, but positive numbers should offer some encouragement and a reason to lift our collective chin.

Matt Kemper
YourCreditCompany.com

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