There are some signs of very healthy life in the housing market, a good marker for the nascent economic recovery. Though the single-family home mortgage purchase index saw a more than 30 percent drop in April when compared to last year, it has reversed its course, according to new data out from the Mortgage Bankers Association.
The index is now up almost 10 percent compared to the same period last year. That indicates not just a rebound but real health in the home purchase market.
Meanwhile, mortgage applications to purchase a home rose 9 percent last week from the previous week and from a year earlier, according to the Mortgage Bankers Association’s index. It was the sixth straight week of gains for that figure, and a 54 percent recovery since early April.