Housing data show market still challenged
Loan applications down; foreclosures climbing
Furniture Today Staff -- Furniture Today, July 19, 2010
WASHNIGTON — Recently released statistics indicate that the housing market, one of the key drivers for home furnishings sales, is still challenged.
According to a report issued this week by the Mortgage Bankers Assn., applications for home loans dipped to a 13-year low for the week. And despite extremely low mortgage rates, so did the demand for refinancing, the group said.
Meanwhile, Realty Trac, a firm that publishes the largest database of foreclosure, auction and bank-owned homes nationwide, predicted that in excess of 1 million American households could lose their homes to foreclosure this year.
The firm also reported that approximately 528,000 homes were taken over by lenders in the first six months of the year. Realty Trac suggested that at this rate, lenders will be on track to take back more than the 900,000 homes repossessed in 2009.
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