Housing Market Bounces Back

Raise the roof! Earnings reports from JPMorgan Chase and Wells Fargo signaled that the housing market is on the mend, with more Americans paying their mortgages on time and low interest rates on refinancing mortgages. JPMorgan, the largest bank in the U.S., issued 6 percent more mortgages than a year ago and received 33 percent more applications, while Wells Fargo issued 54 percent more mortgages and got 84 percent more applications. The housing market has hindered economic recovery more than any other segment, and while home prices are still dropping, healthier housing reports from the banks far surpassed Wall Street expectations for first-quarter earnings.