A report from Capital Economics revealed that mortgage application for home purchase saw a month-over-month increase of 4.1% and the Mortgage Banker's Association report revealed a small 2.9% week-over-week increase in mortgage applications. HousingWire staffer Brena Swanson takes a look at the low numbers of mortgage applications as people are making the decision to wait for conditions to improve before applying for mortgages.
While these two reports are gloomy, a report Goldman Sachs offers more positive news about the direction of the housing market. They point out that the housing market isn't out of steam and include several positive examples such as:
- Growth in private residential investment still stands at 5.7% year-over-year in Q2, substantially above potential GDP growth.