Housing Market Poised for Recovery

Bloomberg News states while construction shrank and mortgage approvals declined in May in the United Kingdom due to economic uncertainty there, 4.6 million homes changed hands in the U.S. in May at a seasonally-adjusted annual rate, according to a report from the National Association of Realtors (NAR). The average 30-year fixed rate mortgage was 3.66 percent last week compared to 6.8 percent six years ago. According to a report from the Joint Center for Housing Studies at Harvard University, in the eleven quarters following each recession since 1970, residential investment contributed 0.4 to 0.8 percent to economic growth, which accounted for 11 to 17 percent of gains. MHProNews.com has learned from a survey by the Office of the Comptroller of the Currency, ten percent of banks reported easier underwriting standards—the most since 2007; and 25 percent reported tightening standards, the least since 2007.

(Image credit: Foreclosure Listings)

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