Wednesday, January 4, 2012

Mortgage Purchase Applications decreased over Holidays

IDS customer, 360 Mortgage Group did a blog post at the beginning of December regarding the Holiday Housing Market and what this busy time of year does to the amount of housing applications.

"The end of the year is already considered a busy time, but for many who also take part in holiday festivities, the thought of buying or selling a house during this time is absolutely ludicrous. Case in point, the week of Thanksgiving saw mortgage applications decrease by nearly 12 percent compared to just one week earlier." said Amy Elms 360 Mortgage Group's professional blogger & content writer.

The MBA's Weekly Applications Survey is clear evidence that the holiday season doesn't seem to be a big purchasing time for future homeowners. According to the survey, despite the lowest interest rates in 2011, mortgage application activity fell over the two-week holiday period for the weeks ending December 23 and December 30.

The hustle and bustle of the holidays doesn't seem to allow time to shop for houses on top of shopping for all of those on your holiday list. I believe that the idea of putting your house on the market right on January 2nd makes sense. Everyone is slowing down from the holidays and is figuring out their budget and future plans for 2012.

Hopefully the mortgage industry will see an increase in mortgage applications this next year, especially the next couple of months. According to Reuters "Economy Gaining Momentum, Housing Shows a Pulse" article it states that "recent data on home sales and construction have been fairly up beat, suggesting an improvement in a sector that has been the economy's weakest link, but prices continue to trend lower."

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