Positive Signs in the Market, but Will it Last?

It appears to be one of those "good days" for mortgage-related financial news. According to our sister publication, American Banker, new Federal Housing Administration rules are actually helping loan brokers. (See our website report at 2 p.m.) A new player in mortgage insurance has raised $100 million in fresh capital, and home prices appear to be firming up a bit, or at least not declining significantly. (And the Dow is up today, especially financial stocks.) In conversations I've had with mortgage executives over the past month interviewees seem split between whether we, as a nation, are headed for a "double dip" recession. Some believe that we may avoid another recession but home prices may continue their downward path. Oh, and one more glimmer of good news (while it lasts): initial jobless claims declined for the week ending July 3. Of course, by Friday it all could turn ugly again...