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.
http://www.cnbc.com/id/26307016
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