Mortgage News Better Than It May Seem
July 10th, 2008It was an ugly headline, even by the standards of the mortgage crisis:
Looking a little closer though, it turns out the numbers aren’t nearly as bad as that Associated Press headline would suggest. Another example of the media piling on with a negative spin was a story suggesting that loan modification programs were simply extending mortgage pain.
Meanwhile, there were two positive signs for the mortgage market:
- Mortgage application activity rose for the second consecutive week
- Mortgage rates eased a bit in early July, after rising significantly in June
In large part, the conclusion drawn from the above depends on whether one is taking a forward-looking or backward-looking view of the market.
