Mortgage Applications Drop Significantly, Hits 4 Month Low
Rising interest rates and slowing home sales caused a big drop in the mortgage loan applications last week as they dropped to a 4 month low. While this is a weekly number and can not be read for a global trend, we are supposed to be at the peak of the buying season and for mortgage applications to be dropping is not a good sign.
The Mortgage Bankers Association’s weekly application index dropped to 618.6 from 643.7 the prior week.
Economists say the rising mortgage rates, falling home prices, and record numbers of houses on the market may be scaring away buyers, in turn worsening the real-estate recession. They expect a recovery in 2008, at the earliest.
The purchase index fell 4.9% to 428.9 from 450.9. The refinancing applications index decreased 2.5% to 1,731.6. Refinances represented 38.7% of all mortgage applications, a slight rise from 38% last week. via Banknet360
Very funny comparison. However you don't need to pay property tax on Barbies 3 Story Dream House. With the unemployment ...
My wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
Comment by havensofmanhattan on 27 June 2007:
I don’t think many builders can hold on until 2008.
Comment by Jackson on 28 June 2007:
The party is over, just like the Dot Com days. It is going to be a rough ride for a while. The weak need to get out, and the overextended better “say their prayers”. Hope our banking system can handle it.