Thursday, July 15, 2010

Forelcosures up and Mortgage Lending Down

Previous post covered foreclosures. So let's look that the other side of the housing market. Mortgage Applications Tumble -
The number of mortgage applications in the U.S. for home purchases fell to a 13 1/2-year low last week, the Mortgage Bankers Association reported Wednesday, in a further sign of the slump in homebuying since a federal tax credit concluded at the end of April.
The government's lovely program didn't get more people to buy homes, it just got people to change when they were going to buy. Now, no one is in the market. (or not many.)

And add to that the number of unemployed and employed but nervous folks, and I think you can see why no is rushing to buy a home. (or not many.)

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