Mortgage applications have dropped considerably since the expiration of the $8,000 home buyer tax credit. On an annual basis, the mortgage applications were down last week 43%.
Rates have not been this low for a long time but the lower rates don't seem to be helping anything. There is also a lower number of mortgage brokers and loan officers across the nation. While there is a large number of Americans who are apprehensive about jumping head first into purchasing a home, there is still a lot of opportunity in the market. It is a good time to go back to the marketing basics and update your clients. Yes, closing deals is more difficult these days, but those who market themselves well in this industry and perform a good service will thrive. Acknowledge opportunity for what it really is.
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