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Mortgage Applications Lowest Since 2000 For This Time Of Year
Mortgage applications fell 17.0% this week on a non-adjusted basis (following a 7.2% the previous week) for the biggest 2-week drop since January 2015. Even on a seasonally-adjusted basis the last 2 weeks have dropped 6.2% and 7% (the biggest 2 week drop since Feb 2015). However, just as Sept 2014 was notably seasonally weak for mortgage applications, for this time of year, mortgage applications have not been weaker since 2000.
And this is happening as interest rates are set to rise...
Charts: Bloomberg
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Land mark day for bad news
Will have to check if I have any rope or sharp knife
It's not all bad. They're lower than 2000, but higher than Lehman. At least we have that going for us.
Lehman failed on Sept 15th in 2008, which was the THIRD week of September (Monday). So we're comparing to the week BEFORE they collapsed in that graph. Imagine how good the comps are going to look next week!
If everything is so great, raise the interest rates to 10% muther fuckers.
volume at the fascist mortgage mill is down? boo fickedy hoo. [/dr. evil]
That is not broken out for Mortgage loan originations, woops Mortgage loan applications not to include refi's ?
Course everyone who was breathing with a job was able to get a refi with the housing value surge and low rates.
Young American families don't need houses anyways. Better to gift them to chinese white collar criminals who will start giving us a cut of their takings.
Come sign a 30 year contract and agree to pay us banksters slave interest here at near all time high valuations right on the edge of global financial collapse! Gee, sounds like a GREAT idea!
When you put it like that, where do I sign up?!?!
;)
What comes after a market top?
A MARKET POP!!!
:)
"Everyone knows people do not buy homes when the weather is perfect. People are out on thier boats, or at the country club, or playing polo this time of year. Home sales should rebound when it become a little chilly outside." -MSM
Funny, I have been thinking of selling some land and buying an ocean going size boat. not a yacht but a steel work boat, tug or shrimp boat maybe. SHTF just park offshore for a couple months or go to another country for a while.
Waterworld bitchez.
What stops me? Storage and upkeep costs and the fact that "the two happiest days of a mans life are the day he gets his first boat and the day he gets rid of it.
"If it Flys, Floats, or Fucks - Just rent it."
Old Vulcan Proverb
if it floats, fly or fornicates, you're better off renting
Old Treble Proverb
seems its a principle that spans the galaxies....
Whatever the vessel, you may want to hoist a sail on it or be the Mad Max of the seas.
Did you all know that banks have to make special mortgages for muslims because their religion forbids them to pay interest?
Every contact--a rape.
There's never been a better time to arrest all living current and former Federal Reserve Board Governors.
how much home can my minimum wage afford?
Think cardboard box...
ha. i saw those in jamaica. do you know if the same architect lives in the US?
Homebuilder confidence at record highs and mortgage applications at near record lows.........
A commercial real estate company just put out an apartment study on Denver..they are saying 60,000 units a year for 5 years....wow..even during the boom of the S and L days we built a high of 45,000 units
This happens because the banks tell the homebuilders how much they are willing to loan them and banks loan at capacity, at maximum.
The banks are creating artificial demand based on future growth.
FUTURE FUCKING GROWTH AS PREDICTED BY THE VERY SAME BANKING STRUCTURE.
It's not just that bankers and economists are idiots, they are fucking criminals!
I work for a home inspection company. Usually the first 2 weeks in August is slow because school is starting. Howerver, typical weekly sales havn't recovered and we are well into Sept. Instead of 11K, its about 6K which is not enough to keep 6 inspectors in work much longer. It sucks.
I just read an article below describing home builder optimism. I wonder what a lemming thinks it is running towards, or if they just think the other lemmings must know something?
Damn that was close, unloaded my overpriced house three weeks ago.
how about those rental applications....I bet just as high as EBT applications
There was a big rush to get in mortgage apps earlier this summer before the new rules took effect August 1 (now Oct 3) and of course before the Fed raised rates (because we all know the Fed rate has NOTHING to do with mortgage rates, right?), so I am not surprised to see a big dip in applications now.
I am a shill for the banksters and I was paid to post this message.
This could mean that Americans now have the cash to buy it outright!