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Thread: Mortgage applications at lowest level in two decades

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    Mortgage applications at lowest level in two decades

    'Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association.

    The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.'

    Mortgage applications at lowest level in two decades

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    Re: Mortgage applications at lowest level in two decades

    Doesn't surprise me. housing prices are still low so are interest rates, but people aren't moving unless they have to because most people can't afford to sell their current home.

    I can't. when i bought my home i was 15k ahead of the game. now on the other hand most people are underwater still the prices haven't recovered.
    short sells are almost impossible for some of these people as the banks won't agree to a loss that large.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by DA60 View Post
    'Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association.

    The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.'

    Mortgage applications at lowest level in two decades

    Don't know if its necessary a weakness in demand or the ability to wait. Mortgage rates ticked up nearly a whole point over the last several months, more than likey the main contributor to the slowing of applications.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by DA60 View Post
    'Mortgage applications to buy a home fell last week to the lowest level in nearly two decades, according to a weekly survey from the Mortgage Bankers Association.

    The report is a clear sign of weakness in buyer demand heading into the usually busy spring housing season.'

    Mortgage applications at lowest level in two decades
    In Las Vegas cash sales have DECLINED to 53%. Sales are flat, prices are firm. So, I'm not sure things are bad.

    Also, in the East, prices are well above the peak of the bubble and thus affordability may have the cause. I get this info from my friend in Boston, I can not claim "fact".

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by specklebang View Post
    In Las Vegas cash sales have DECLINED to 53%. Sales are flat, prices are firm. So, I'm not sure things are bad.

    Also, in the East, prices are well above the peak of the bubble and thus affordability may have the cause. I get this info from my friend in Boston, I can not claim "fact".
    it depends on where you are at. I know in FL housing market still stinks.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by ludin View Post
    it depends on where you are at. I know in FL housing market still stinks.
    One man's stink is anothers perfume. Can you explain more?

    Like in Las Vegas, prices are recovering and fewer defaults. But prices still reasonable compared to the bubble. So, I would say the market is good, not great, good.

    What is happening where you are?

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    Re: Mortgage applications at lowest level in two decades

    Can't buy if you can't sell.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by specklebang View Post
    One man's stink is anothers perfume. Can you explain more?

    Like in Las Vegas, prices are recovering and fewer defaults. But prices still reasonable compared to the bubble. So, I would say the market is good, not great, good.

    What is happening where you are?
    most people are still under water. I bought on the low side of the market and paid about 100k which is average for a FL home it was worth about 115k, but the market was soft. later on my home dropped to about 60k. it is slowly recovering but not that fast and not that i would make money on it now anyway if i wanted to sell it.

    most of the places around here are like that.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by ludin View Post
    most people are still under water. I bought on the low side of the market and paid about 100k which is average for a FL home it was worth about 115k, but the market was soft. later on my home dropped to about 60k. it is slowly recovering but not that fast and not that i would make money on it now anyway if i wanted to sell it.

    most of the places around here are like that.
    If you bought your home after 2002 and before 2009, you are no doubt underwater.

    Prices in FL and NV were the most affected. Many investors got enamored of vacation property.

    In my complex, units sold for $80K+ in 2001 and crested at $225K in 2005/2006 then dropped as low as $30K+ in 2009/2010. They are now a little over $60K and were rising until last month, as the final investors started dropping out (myself included). Of course, I'm better off if they don't rise in value (more taxes) but I expect them to return to the 80K level over the next few years.

    I think your home will recover its value eventually. I'm seeing an effort by our fearless leaders to create another bubble but I think we are still too damaged to make that happen.

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    Re: Mortgage applications at lowest level in two decades

    Quote Originally Posted by specklebang View Post
    If you bought your home after 2002 and before 2009, you are no doubt underwater.

    Prices in FL and NV were the most affected. Many investors got enamored of vacation property.

    In my complex, units sold for $80K+ in 2001 and crested at $225K in 2005/2006 then dropped as low as $30K+ in 2009/2010. They are now a little over $60K and were rising until last month, as the final investors started dropping out (myself included). Of course, I'm better off if they don't rise in value (more taxes) but I expect them to return to the 80K level over the next few years.

    I think your home will recover its value eventually. I'm seeing an effort by our fearless leaders to create another bubble but I think we are still too damaged to make that happen.
    i bought in 2010 i do believe. the market had already busted.

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