Conditions in the mortgage market are improving, which should help to release some pent up demand.
Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing sub-prime mortgages.
2007 will be the fifth highest year for existing homes sales in the United States. One out of every sixteen American households is buying a home this year.
- National Association of Realtors, October 2007 -