Skip to comments.Mortgage Applications Fall, Sequestration and How Obama Won't Raise The Deficit By One Dime
Posted on 02/13/2013 7:40:17 AM PST by whitedog57
The Mortgage Bankers Association applications indices were released this morning. Mortgage purchase applications fell -9.45% from the previous week while applications for refinancing fell -5.51%.
President Obama did mention that housing is improving in the State of the Union Address last night, but failed to mention that it is a largely investor-driven recovery rather than a household-driven recovery. You can see that mortgage purchase applications are not really recovering since 2010.
Between tight credit, the increasing likelihood of sequestration, and continuing fear of a slowing economy, the household recovery is somewhat thwarted. And raising the minimum wage to $9 per hours (as Obama promised in the SOTU Address) wont help either.
Here is a chart of non-farm labor and expectations of hiring. Combine the massive Obamacare tax increases and other taxes/regulations and the hiring scene is less than optimistic.
Here are the looming sequestration spending cuts. Wow, the military bears the brunt of the spending cuts (or more accurately, the slowdown in the rate of government spending).
Here is one of the frigates that the Obama Administration is purchasing after sequestration passing under the Key Bridge in Washington DC.
My favorite line in last nights State of the Union address was how all this new spending Obama proposed wouldnt raise the deficit by one dime.
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