Wednesday, August 20, 2008

Mortgage Applications Fall to Lowest Since 2000

Mortgage Applications at Lowest level since 2000. 

The mortgage applications declined 1.5 percent to 419.3.  This despite the mortgage rate declining to 6.47 percent from 6.57 percent.

The index for loan purchases was also near historic lows at 314. 

This is only one week of data.  But it shows you how bad the housing market is.  You are always going to find trolls trying to create a bottom.  Remember last year, when BOA analyst called a housing bottom.  Or last week when Thomas Lee of JP Morgan called a stock market bottom.  And just imagine if you had  a penny every time some one said the credit crisis was over. 
Bottom line is you have to do your own research.  The trolls will keep trolling.

The content contained in this blog represents the opinions of HousingDepression.
This commentary in no way constitutes investment advice. It should never be relied on in making an investment decision, ever. Nor are these comments meant to be a solicitation of business in any way - such inquiries will not be responded to. This content is intended solely for the entertainment of the reader, and the author.  We may hold either long or short positions in securities of various companies discussed in the blog.  The information in blog may contain misspellings and other inaccuracies.  It is provided "As IS," without express or implied warranties of any kind.  HD represents all rights to the information.

Technorati Tags    

No comments: