With more Americans taking advantage of the record low interest rates by refinancing existing homes or applying for new home loans, families are making payments. 2 major banks reported earnings that are reflecting a housing market that is “healing”.
The largest bank in the U.S, JP Morgan Chase, reported record breaking new loans in the first quarter of 2012. 6% more loans than last year, with 33% more applications received. Wells Fargo approved 54% more home loans than last year and received 84% more applications!
The future is bright for the US housing market! Welcome news after the last several years.