The home mortgage market hasn't picked up yet. In August, homebuyer loans dropped 28.5% year-to-year and 13.1% since July.
The decline in housing loans reveals that the real estate crisis has not hit rock bottom and that people are still struggling to get financing. In general, credit remains hard to get for most individuals and families.
While home prices have intensified decreasing mortgage applications, the domestic home buying market will never rebound unless credit starts to flow freely again. For now, all indicators suggest that the credit markets will remain dry.
