Today marked the release of some rather interesting economic data: home prices and sales. And the data is showing that the median price of homes has dropped — along with new homes sales in the U.S. However, despite this (or maybe in part because of it), mortgage loan applications are on the rise.

With lower home prices, people are beginning to think that maybe now is a good time to buy after all. Well, the low interest rates are helping as well. Prices are low and the number of homes selling is down (leading to motivated sellers — including builders). This could be a good thing.

Now, if only those mortgage applications are approved.