Encouraging Signs For Housing Despite Slow Economic Growth

The Mortgage Bankers Association's chief economist Jay Brinkmann doesn't foresee much improvement in the overall economy in coming months, though he sees rising home sales and further stabilization in the housing market's future. According to Brinkmann, booming rental markets and rising household formation numbers are encouraging signs that people are back on a path that could ultimately lead them toward buying a home. He also cites stabilizing home prices, recent decreases in foreclosures, and historically low mortgage rates as reasons to expect gains in purchase activity and the overall dollar volume of loans to buy homes next year. More here.