US Mortgage Applications Hit Two Year Low

US Mortgage Applications hit the lowest levels last week since November 2008

When is someone going to act and get USA back to work and revitalize the economy

Here is a Bloomberg clip on the market – quote – The Mortgage Bankers Association’s index of loan applications decreased 13 percent in the week ended Jan. 21, figures from the Washington-based group showed today. Both refinancing and purchase applications fell.

“Usually when rates go up, refinancing goes down,” Patrick Newport an economist at IHS Global Insight in Lexington, Massachusetts, said before the report. “We don’t see existing home sales any higher at the end of the year.”

Declining home prices and rising lending rates may prompt Americans to hold off on both refinance and purchase applications. Any lasting recovery in the housing market hinges on lowering unemployment, which had been at 9.4 percent or higher for 20 months, the longest since monthly records began in 1948.

The refinancing gauge dropped 15 percent to the lowest in a year, while purchase applications fell 8.7 percent to the lowest level since October, the mortgage bankers’ group said.

The American public are crying out for a US housing market recovery program, but the market just languishes in an ever increasing quagmire with millions of home foreclosures teaming into the surplus house for sales inventory!

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