Hit the link. Look in left margin and scroll down. Click on report for mortgage applications.
All those buyers must have been paying cash? Right? . . . Right? . . .
Or perhaps the somebody was fudging statistics . . .
Hit the link. Look in left margin and scroll down. Click on report for mortgage applications.
All those buyers must have been paying cash? Right? . . . Right? . . .
Or perhaps the somebody was fudging statistics . . .
· The total number of mortgage applications fell hard for the second consecutive week and posted a 1.7% drop. So far during April applications are 0.9% below the March average which fell 1.0% from February.· Purchase applications fell 2.5% w/w following the 4.7% drop to open the month but the April average so far is up 1.2% from March, which rose 0.2% versus February.
· Applications to refinance slipped 0.4% after a 6.6% slide the prior week and in April are 4.1% below the March average.
LOL
But economist Bob Brusca said last month's drop in new home prices is a sign that the market for new homes isn't nearly as strong as the jump in sales would suggest.
He noted that the report showed an unusual drop in prices from both February and a year earlier, which could be a sign that home builders are cutting prices to move a large supply of new homes now on the market.
"New homes sales sprang back top life like a zombie in a cheap horror flick," Brusca said. "And like that zombie, housing really is dead. Don't let all that twitching fool you."
I believe that people are pretty much done re-financing, which would account for the disparity between mortgage applications and sales.