Summary:
The mortgage industry is currently experiencing a significant downturn in demand, with the third consecutive year of recession lows. Despite a population of over 335 million people, there is a clear decrease in mortgage activity. This can be attributed to various economic factors affecting the industry. However, despite the economic challenges, the job market has remained relatively stable, with over 157 million people currently employed.
Key points:
– Recession lows: The mortgage industry is facing a prolonged period of diminished demand due to the great recession that has extended into its third year.
– Decreased mortgage activity: The industry is witnessing a decline in mortgage applications and approvals, indicating a reduced interest by potential homebuyers.
– Economic factors: Various economic influences such as rising interest rates, tighter lending standards, and shifting consumer preferences have contributed to the decrease in demand for mortgages.
– Stable job market: Despite the downturn in the mortgage industry, there has been a relatively steady job market, with over 157 million individuals currently employed in various sectors.
Overall, these trends reflect the current state of the mortgage industry during the great recession, highlighting the challenges faced in maintaining demand amidst a population of over 335 million people.
You can read this full article at: https://www.housingwire.com/articles/existing-home-sales-are-working-from-an-historic-low-bar/(subscription required)
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