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Thursday, September 23 2010 - By Landon Myers
Mortgage volume was down for the third straight week
Low purchase application volume could indicate that moving activity is far off pace from where it was a year ago.
The Mortgage Bankers Association reported that for the week ending September 17, mortgage applications to purchase a home were down 3.3 percent from the previous week on a seasonally adjusted basis. Additionally, on an unadjusted basis, purchase applications were 38 percent lower than they were a year ago. With fewer people seeking a mortgage to finance their new home, it could be that the traditionally slow moving season is nearly here. Some even speculate that the housing market is in for a long stretch of negative returns. "We fear that a more longer-lasting slide is under way," economist Paul Dales told Reuters. "High unemployment, heavy indebtedness and widespread negative equity are weighing on housing demand ... The big downward adjustment in prices is already behind us, but a second downward leg will still undermine the wider economic recovery." With employment still a problem for many Americans, moving plans nationwide have been put on hold until the economy recovers. According to the Labor Department, 27 states reported rises in jobless rates last month, while just 13 reported decreases. More News |
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