U.S. Home-Buying Applications Sink to 13-Year Low
July 15th, 2010Via: Reuters:
Demand for loans to purchase U.S. homes sunk to a 13-year low last week, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday.
Requests for loans to buy homes dropped 3.1 percent in the week ended July 9, after adjusting for the Independence Day holiday, to the lowest level since December 1996, the industry group said.
Refinancing applications fell 2.9 percent, and the mortgage market index that reflects total loan demand also fell 2.9 percent.
Average 30-year mortgage rates edged up 0.01 percentage point to 4.69 percent, but were near the record low of 4.61 percent set in March 2009, based on MBA records dating back to 1990.
Posted in Economy | Top Of Page
This is GOOD NEWS (to me at least).
Sounds like the humans in the US are finally hearing the “message” from the banks, which is,
“We are here to rip you off, instead of “we are here to pump you up, as Ahhnorld S.used to say.
Oh yes, I smell the day of reckoning coming. Hope those banksters and stock exchange experts find a way to chameleon themselves into something that looks, smells, and acts like they are human.
God/dess bless all. Strange days indeed.