Posted on 11/12/2009 9:30:37 AM PST by FromLori
As if we needed more proof that the mortgage market is currently a totally manipulated market.
Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit, reports Bob Willis at Bloomberg.
The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.
The drop in buying plans points to the risk that the recent stabilization in housing will unravel without government help, Willis adds. You can say that again.
Yep, here’s the hope and change that was promised. I call it “no hope and pocket change”.
Also related
http://www.bloomberg.com/apps/news?pid=20601087&sid=a1_pyNFw6mbg&pos=5
To all others who asked in the past...
Ping list now working if you want to be added send me a freepmail.
And which idiot bank just yesterday claims they are hiring 140 mortgage lenders ???
That was JP Morgan and it was 1,200 I believe but keep in mind they are obamas favorite banker and they probably knew ahead of time that new credit of $8.000 was going to be handed out.
9 year low = normal business.
Curious, was this “unexpected”?
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