I was back in my old stomping grounds of Indiana and Ohio over the weekend. I was there for pleasure, but I ended up with some useful information from a friend.
My friend Dave owns his own title company. As you can imagine, he has been struggling to stay afloat, with the housing market being so bad over the last two years. But what I learned from him is very encouraging. Dave said his business has increased 300 percent this month over last month and over last December.
It seems the huge drop in mortgage rates is finally creating some activity. The skeptics will say, “Sure. The refi business must be going crazy.” But Dave said his purchase activity has jumped as well. This suggests to me that people who have been interested in buying a home were just holding out until mortgage rates hit new lows.
I have been bullish on the housing sector since mid-November. On November 10, during an appearance on Fox Business News, I recommended the Spyder Select Homebuilders ETF (XHB) – and hearing Dave’s news makes me even more bullish on the XHB. You might consider it to jumpstart your investments this year.
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