The number of U.S. mortgage applications had a recent drop, even as mortgage rates began to fall.  The demand for loans that would go towards the purchase of a home have fallen for the sixth straight week in a row.  This is a not a positive sign, as the housing market had recently been showing signs of stabilization. 

The housing market has been very vulnerable lately.   The Obama administration recently acted to improve the housing market by extending the $8,000 credit for first time home-buyers. This credit has been an important incentive to get many recent home buyers to purchase their first home.  It may take several more months before real stabliziation can be seen.

If you are facing foreclosure, contact the Maryland mortgage modification attorneys of Chaifetz & Coyle, PC at 443-546-4608.