Faint Signs of Recover in US Housing Market?
CEOs from several regional banks around the country are seeing some signs of recovery in the US housing market according to a interview on CNBC. These banks observed there are some movements on the low end of houses and an increase in mortgage refinancing and new home purchases.
According to Chicago Bank, larger correspondent warehouse providers are coming back into the market making money available to larger mortgage regional banks.
Although the US government has provided tax credit incentive to boost the housing market, but rising unemployment rate and possible weakness in the US dollar in the next quarter; less optimistic bankers are planning to hold their breath until 2010.