Home Purchase Applications Fall to a 13-Year Low
Posted by Ted C. Jones on May 20, 2010
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MBA Reports That Home Purchase Applications Fall to a 13-Year Low — It’s Getting Uglier Out There Folks
Today’s signed home purchase contracts become next quarters closings (where the real estate transaction industry gets paid). And the news is not good. Applications for home purchase loans just hit a 13-year low- Mortgage News Daily.
Each week the Mortgage Bankers Association surveys lenders on loan applications and breaks them out as to purchase and refinance. Following the end of the $8,000 homebuyer tax credit (which both sold some additional homes—an estimated 1 million since last year—and brought forward future sales), sales have contracted.
We are now seeing the result of the sales that were pulled forward by the tax credit.
It was ugly out there. And It’s Getting uglier.
