Wednesday, October 6, 2010
This chart shows the Mortgage Bankers' Association purchase index, which includes all mortgage applications for the purchase of a single-family home. Since its low of last July, the index is up over 20%—a good sign that the housing market is firming rather than headed for another cliff. Purchase activity is still very depressed from a recent historical standpoint, of course, but on the margin it is moving in a positive direction. As the next chart shows, activity today is roughly the same as it was in 1997, just before the big housing boom got started.
Posted by Scott Grannis at 8:25 AM