This tidbit courtesy of Barchart.com:
Mortgage apps – This morning's weekly MBA mortgage applications report showed the third straight sharp decline, thus putting an even weaker light on the US housing market. The overall MBA mortgage applications index this morning fell -11.6%, the purchases sub-index fell -8.5%, and the refinancing sub-index fell -15.4%. The purchases sub-index this morning fell to a 4-year low, which suggests that home buying interest is drying up further.
Simply translated, No Applications = No Loans = No Money = No Buyers = Lower Prices coming soon.
My apologies to all of you trying to sell. If you must sell, take any deal that won't make you loose money.
