Maybe. Today the MBA Purchase Application data came out for this last week. The number rose 1.5%, as compared to the previous week's decline of 3.2%, but so far the month, overall, is pointing to some gains.
The Mortgage Bankers Association compiles how many loan applications are taken out at mortgage lenders. This indicator is considered to be a leading indicator when it comes to single family home sales due to the fact that people don't apply for a mortgage unless they are feeling pretty good about their employment situation. New home builders will look to this and other indicators when deciding how many homes to build.
The data may be pointing to a stronger June or July in terms of closed sales, but let's not overlook the fact that some of these sales will fall through for various reasons. Still, it's a good indication that things may not be as bleak as the national news media is making it out to be.
The stats I posted yesterday for Burbank real estate sales, suggest a growth of monthly inventory and days on market which point to a market has slowed down from the month of April.
Stayed tuned and we'll have to look at the full month of May to see if we can get a clear picture of current home sales in Burbank Ca.
