Continued improvements in the overall economic growth level are not only crucial to the United States as a whole, but also to the residential housing market's continued improvement. A bustling economy could signal more business for mortgage industry members, which also may mean further work for those in the title insurance industry. Continued progress occurred during the past several months, but it has not been to a level that would make a significant change.

There may still be growth during the next several months, though it may not bring the economic situation to a point that many hoped. According to a report from government-sponsored enterprise Fannie Mae, there should be a total Gross Domestic Product growth level of 1.5 percent this year, a decline from the previous estimate of 2.1 percent. This was mainly due to the poor performance for the first three months of the year, which was the worst for a quarter in the past five years.

"Our findings in the July forecast suggest that full-year growth in 2014 likely will be weaker than 2013," said Doug Duncan, chief economist at Fannie Mae. "We expect the economy to grow approximately 3.0 percent in the second half of the year, although there is an element of uncertainty given government statisticians' difficulty in assessing the full scope of healthcare expenditures. Overall, our forecast calls for growth to come in at around 1.5 percent for the year, which would be the worst performance of Q4-over-Q4 growth in the current economic expansion. On the bright side, real personal income grew for the fifth consecutive month in May and hiring has continued on an upward trajectory, which should help boost consumer spending during the remainder of 2014."

Mortgage applications still increase
Even with the struggles in the American economic situation, there are many positives in the residential housing market. Overall interest in purchasing a home improved recently, as the mortgage application level rose 2.4 percent during the week ending July 18, 2014, according to the Weekly Mortgage Application Survey from the Mortgage Bankers Association. When the figure was unadjusted, it rose 3 percent during the same period.

The Purchase Index also experienced a boost, as it rose 0.3 percent in the latest reading from a week earlier, the report added. When unadjusted, it inched up 1 percent week-over-week.