Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Happy New Year! Mortgage Applications Fall 10.4%, Jobless Claims Rise 372k
Confounded Interest ^ | 01/03/2012 | Anthony B. Sanders

Posted on 01/03/2013 8:56:38 AM PST by whitedog57

According to the Mortgage Bankers Association (MBA) applications for a mortgage fell 10.4% from the previous week.

On a seasonally adjusted basis (SA), purchase applications fell 10.51%. It remains in the “red zone” since 2010.

Refinancing applications fell 10.39%. Let’s see if the new year shows a further slowdown in refinancings.

On a non seasonally adjusted basis (NSA), purchase applications fell 45.99%. Refinancing applications fell 46.23%.

The plunge in applications is the annual Holiday seasonal where mortgage applications fall.

Mortgage rates continue to remain low, but are slowly rising (as Treasury yields begin rising as well).

Taxes just went up on most Americans as of January 1st: the 2% increase in withholding, Obamacare taxes and the 2.3% Medicare Device Excise Tax (even though I bought something at Cabela, paid the excise tax, and it sure wasn’t a medical device that I purchased!)

On the (un)employment front, initial jobless claims (SA) rose 372,000 from the previous week.

The Bloomberg Consumer Comfort index rose to -31.8, but still has not reached 0 since the recession that ended in June 2009.

Finally, the NEW YORK PURCHASING MANAGER Current Business Conditions SA rose to 54.3, still below the long-run average of 55.17.

Not a good start to our Centrally-planned economy for 2013.


TOPICS: Business/Economy; Government; Politics
KEYWORDS: housing; mortgage; taxes; unemployment
Ugh.
1 posted on 01/03/2013 8:56:51 AM PST by whitedog57
[ Post Reply | Private Reply | View Replies]

To: whitedog57

I’m going to blame the unexpected holiday season ...


2 posted on 01/03/2013 8:58:30 AM PST by ClearCase_guy (Nothing will change until after the war.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: whitedog57

But, but...John Bonehead averted the fiscal cliff!


3 posted on 01/03/2013 9:00:13 AM PST by Jane Long (Philippians 2:11)
[ Post Reply | Private Reply | To 1 | View Replies]

To: whitedog57
Not a good start to our Centrally-planned economy for 2013.

Actually it's a perfect start for the Centrally-planned economy. Coming along quite nicely now........

4 posted on 01/03/2013 9:05:38 AM PST by mykroar (BAD-ANON: One Game At A Time)
[ Post Reply | Private Reply | To 1 | View Replies]

To: whitedog57

At the end of the road of default lies much smaller government, and that’s what political regulator folks on all sides are afraid of. They threaten to continue running big government on funny money. But after the real bond investors are gone, more foreclosures, business closings, etc., that will be impossible. The value of money is based on useful things produced on our own soil.


5 posted on 01/03/2013 10:09:45 AM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: whitedog57

Hmmm...we sold a house and closed on the 27th of Dec. The title company, and bank said they were booked solid all day, every day. the last couple weeks with closings...they were even using side rooms at the title company to close because all the conference rooms were booked.

The banker, and the title company owner said the reasons they thought they were booked up were:

Buyers wanting to close because of homestead exemption on property tax (have to own house by Dec. 31 to file for it.)

Sellers not wanting to pay higher capital gains taxes in the new year.

And sellers of short sales (applies to foreclosures too, but nothing they can do about timing if you’re foreclosed on), wanting to escape the taxes they’ll owe on the money that is “forgiven” by the bank in a foreclosure or short sale. The banker said The Mortgage Forgiveness Debt Relief Act and Debt Cancellation expires and in 2013 folks will be paying the IRS taxes on money forgiven by the bank in short sales and foreclosures.

Those were their suppositions for being so busy this past December.


6 posted on 01/03/2013 11:07:42 AM PST by memyselfandi59
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson