From CNN/Money:
Applications for home loans slip
“The number of people applying for mortgages fell last week, led by a sharp drop in refinancing applications, an industry group said Wednesday.”
“The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended May 5 fell 5.8 percent to 562.1 from the previous week’s 596.8.”
“The MBA’s seasonally adjusted purchase mortgage index fell 3.9 percent to 416.5 from the previous week’s 433.3. The index is considered a reliable gauge of U.S. home sales.”
“The trade group’s seasonally adjusted index of refinancing applications fell 8.8 percent to 1427.4 from 1565.6 in the previous week.”
Gee…I guess we are not all young professionals making 6 figures working in NYC afterall.
BOYCOTT GAS!
Insultingly Overpriced.
Boooooooyaaaaaaaa
Bob
I am hearing more commercials from mortgage companies on the radio. My favorite is the one where the announcer says you can borrow @ 1.5% so that $500,000 is $1,400 a month. They also talk about “complete cashout”. I think they are getting desperate folks.
…While the people who bought in 2001 are saying “It’s a good thing I had the financial foresight to make such a wise investment. My house has nearly doubled in value!! I am a financial prodigy”
lol
It’s getting ugly in those “it couldn’t happen here places” like Monmouth County.
There are a lot of people here who make a lot of money, but it’s pretty clear we have more big houses than salaries now.
Mix in the hollow economic recovery that is going to get kicked in the pants by declining construction and related business activity and this looks like it’s going to get pretty nasty.
My wife and I were discussing whether we would want to pick up one of those townhouses next to Whole Foods on the cheap should there be some firesale in the next 5 years.
Interesting discussion the other day on a mortgage broker forum where I lurk:
People who can’t afford homes
http://tinyurl.com/ho4kp
Bubble denial is still in full swing over there, although there are a few who see things coming.
anon1:15
Interesting reading over there on that mortgage brokers site…
It seems they think that, in CA at least, there might be a flood of foreclosures coming and are starting to get more calls from borrowers in dire straits with few options.
Wonder how many of the listings we are seeing now are people who are in bad shape with their finances and have to get out? My guess it’s fairly small since ARMs didn’t start really picking up steam until mid-2003 and are just now resetting. So, if that’s true, what happens if there is a flood of foreclosures hitting the market late this year, early next year?
The pendelum is flying to the buyers side and may get stuck there for a while…
Awesome read on the lenders site. Thankyou. I’m going to post it on the Seattle site.
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