Posted on 02/01/2024 9:04:57 AM PST by Kaiser8408a
Yikes! Bidenomics is a disaster! MBA mortgage purchase applications are down 54% from Pandemic Peak. I was going to play “The Wreck of the Edmund Fitzgerald” by Gordon Lightfoot and rename it “The Wreck of The US Economy.”
Mortgage demand fell to a new 30-year low in January 2024, down 54% from the pandemic peak. Mortgage demand is down 14% over the last year and 40% from pre-pandemic levels.
Mortgage applications decreased 7.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 26, 2024. Last week’s results included an adjustment to account for the MLK holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 7.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 3 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 11 percent from one week earlier. The unadjusted Purchase Index increased 6 percent compared with the previous week and was 20 percent lower than the same week one year ago.
(Excerpt) Read more at confoundedinterest.net ...
Yes but our good friends at Faux News bull shiite polls say Crime Boss Joey is leading President Trump. They think we are a stupid as the slugs they put in front of their cameras.
FOX is running ‘registered voters’ polls - those polls are worthless. They’re over weighted with people who almost never bother to vote. It’s the ‘motor voter’ groups - people automatically signed up when they got a driver’s license and/or welfare.
The worst is coming in now. Insurance is skyrocketing.
Property taxes are being hiked to ridiculous levels.
All of it is like tsunami coming onshore in 2024.
Good, that means the big opportunities are right around the corner.
Insurance on my airplane just more than doubled for no reason, was $500 now $1100 a year
GDP is +3.3%. The current mortgage rate is 6.63%, which is quite average. And rate cuts are coming, so that will be going down more. Real wages are up.
Look forward and stop obsessing over govt and the media that is feeding you BS 24/7 about a normal economic cycle!
Idiots are crashing right and left out there, mostly due to pilot error, and as you know planes cost more than ever to buy, maintain and store because, inflation. Insurance companies have to raise rates, obviously. They have to pay those higher costs too. You could lower your coverage and partially self-insure if you think that would be a better deal.
Using presidents as an excuse doesn’t make any money, it’s just an excuse to fail. Opportunities are everywhere right now and about to get a lot better this year.
The economy, predicted to crash for over 2 years now, has failed miserably at doing so.
The real problem is most Americans are financially ignorant and stay that way. But they can explain how it’s somebody else’s fault that they aren’t doing well. Economy is growing at 3.3%. Consumer Confidence rising. Real Wages are rising faster than inflation.
Meanwhile, most people are looking backward instead of forward. The minority that knows what they are doing are doing well and about to do very well. I’ve observed this for over 50 years now, it’s not new and it has never changed except more people seem financially ignorant now.
Yep. My property tax assessment increased 32%, and my homeowners insurance rate is up 16%.
“Yep. My property tax assessment increased 32%, and my homeowners insurance rate is up 16%.”
I always celebrate when my home taxes go up because it means my home value went up much more. I also celebrate when my home taxes go down because it means I’m about to buy some investment real estate at a good price. That’s because tax assessments use a two-year lag for value-setting.
We just applied for a mortgage. When the credit report was pulled our phones blew up with calls from other lenders trying to get our business. Like a plague of locusts had swarmed!
Did your home value go up or did the dollar value go down?
A rhetorical question, but...
“Did your home value go up or did the dollar value go down?”
There is a two-four year lag between home values going up or down and taxes reacting (Colorado). That’s how far back they look when they assess. They assess every two years. The value assigned to your home now is already out of date the day you get the letter. At times your taxes and value will move in opposite directions.
Home values here rose about 45% over the 4 years we’ve owned it. They have just started dropping back, just taking out the froth so far. My taxes haven’t changed enough to notice yet. I’m in a small but popular town, 2,600 pop. Rock on!
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