The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.1 percent in the week ended July 6. The results were adjusted to account for the July 4 holiday.
The MBA’s seasonally adjusted index of refinancing applications fell 3.4 percent, but the gauge of loan requests for home purchases, a leading indicator of home sales, rose 3.3 percent.
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the housing is in strange place – as the housing market is defined more by low supply, than increasing demand.
Rents are rising as people move out of homes, but those homes do not appear to be offered for sale. So those who can afford to buy are looking at decreasing supply of homes.
Also, in people’s minds the bubble still remains, so I guess subconsciously they expect prices to keep increasing, also since the bubble infrastructure is still in place. However, with unemployment this high – I cannot imagine people can afford to risk to buy houses (or plan for their earnings to increase in order to afford it in the future).
Not being seen from my veiw either……..sounds subversive…..lol
House prices do not bottom until interest rates are near the top, not when they are 3%. Talk to me when mortgage interest rates are > 10%
Massive shadow inventory of homes, not listed for sale, sitting in bankster REO portfolios.
Foreclosure starts still increasing faster then resolved foreclosures.
FHA bankrupt.
The housing mess is only in the 3rd inning.
Housing here in the Northwest is gang busters, somewhat resembling the glory days.
@Robert Rice,
Just got a flyer from a client at one of the larger RE agencies, also saying that prices continue up. Cites low inventory (lowest in over 5 years), REO drying up, low interest rates.
Improving measurably in Northeast (from a deep low, of course)
Bought a 1500 ft2 condo in Santa Clara, CA October 09 for $535. Steady drop to $500 recently. New one went up the other day for $495.
Down down down for me…
@DAB,
Condo market is usually tougher. First one to fall, last to rise, at least here in NW.
“They” who can are trying to get less backwards in their morgage….
“They” who can are trying to get less backwards in their morgage….