Filed under: Bad news, Consumer experience, Market matters, Money and Finance Today, Housing, Financial Crisis
More bad news on the struggling housing market today, as the Mortgage Bankers Association announced that last week mortgage applications dropped to an eight year low. This is another sign that people are not ready to jump back into the housing market just yet.
As we all know, home prices have been falling steadily over the past year, and we are all waiting to see the point where buyers decide that the price is right to jump back into the market. So far, that’s just not happening. According to today’s report, mortgage volume was 44% lower last week than the same period last year.
Refinancing applications were down 23.5% last week, and more importantly, mortgage applications to buy new homes fell 10.9% from the previous week. The last time weekly volume was this low was all the way back in December 2000.
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