NEW YORK (Reuters) - U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.
The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended June 26 decreased 18.9 percent to 444.8, the lowest reading since the week ended November 21, 2008. Reuters
*see what happens when the government gets involved in trying to fix something? They make it so much worse. Wanna know why? Because they have to take care of their lobbying friends first so they can get the cash to get reelected in a pathetically apathetic electorate. As a result, they try and prop up housing prices by rigging the ten year treasury and lowering the discount rate and fed funds rate in the BS hope that the banks will LEND and REFI non credit worthy individuals and business. There is only one thing to do, LET US ALL DECLARE BANKRUPTCY so we can start over. Otherwise you are throwing money right down the crapper! The sooner americans come out of their SHELL SHOCK and realize what they are doing to us all, the sooner we can crash and then rebuild.
No comments:
Post a Comment