The housing and mortgage market's gradual healing could be an indicator of a more robust economic recovery.

However, less bullsih investors are still searching for further fundamental evidence to commit to capital, said Ron D'Vari, CEO and co-founder of NewOak Capital.

"One area for a leading signal is the residential mortgage market. A healthy and vibrant mortgage industry will be critical to propelling housing and related industries which could fuel a broader base robust economic expansion," he said.

D'Vari added, "Despite a barrage of regulatory changes that could dampen the residential lending activities, the mortgage industry has been relatively upbeat."