Earnings reports from JPMorgan Chase and Wells Fargo indicate that the housing market, widely viewed as the main drag on economic growth for the past few years, has picked up speed recently. JPMorgan issued six percent more mortgages from January through March, 2012 than it did for the same period last year, and mortgage applications were up 33 percent. Wells Fargo issued 54 percent more mortgages for the same time period, and had 84 percent more applications.
While home prices remain low and continue to fall, they are falling more slowly. In addition, the average interest rate is at its lowest since the 1950s, and improvements in the job growth rate have helped fuel greater spending in many areas, including housing. There are thus signs for improvement in the housing market.
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