Monday, December 22, 2008

Has the Housing Bust Bottomed Out?

Very interesting story here about a flurry of mortgage applications as rates have fallen (and, so have prices). Should this be even modestly sustainable, it is good news. The "new normal", with mortgages obtained with down payments by people with jobs who can actually afford the monthly payments. Quite a system, huh? Just like the one that sustained the housing market for years, and years, and years....

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