Purchase apps on the rise? Perhaps an early indicator that buyers are coming back, let’s hope!

Purchase Applications Rose for Third Week
http://www.realtor.org/rmodaily.nsf/pages/News2010120801?OpenDocument

Applications [for mortgages] were up 12 percent compared to the same week a year ago.

There have been so many reports about the real estate market being down and anticipation that it will continue to drop.  But will it really?  Could the bump in purchase apps be an early indicator that the pendulum is starting to swing?  Let’s hope it is!

Real estate prices have come down significantly in the past 4 years in the Twin Cities and interest rates are still low

The average contract interest rate for 30-year fixed-rate mortgages increased to 4.66 percent from 4.56 percent, while 15-year fixed-rate mortgages increased to 3.98 percent from 3.91 percent.

so perhaps buyers are gaining confidence in the market and getting ready to jump back in.  If you are ready to start looking, check out http://www.minnesotaloftsandcondos.com/ you will have access to all of the Twin Cities Metro area listings and excellent detail about numerous condo developments.

Regards,

Ingrid – ifriel@therealtyhouse.com