According to a report by the Mortgage Bankers Assn., home loan applications have decreased to the lowest number in 13 years. The housing market is one of the key factors that affect furniture sales so decrease in the purchase of homes keenly affects furniture sales. Although mortgage rates are low, refinancing demand is still down.
Realty Trac, which publishes foreclosures, said that over one million homes will be lost to foreclosure during the year. The company also reported that over half a million homes were foreclosed during the first six months of 2010.
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