Foreclosure-Gate Fallout: Mortgage Applications Just Plunged 10.5%

Discussion in 'Economy' started by Neubarth, Oct 20, 2010.

  1. Neubarth
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    Neubarth At the Ballpark July 30th

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    Foreclosure-Gate Fallout: Mortgage Applications Just Plunged 10.5%


    Is that the floor collapsing? ? ? ? ?

    From the Mortgage Bankers Association:

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    The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week. This week’s results do not include an adjustment for the Columbus Day holiday.

    The Refinance Index decreased 11.2 percent from the previous week.


    Read more: http://www.businessinsider.com/mortgage-....0#ixzz12u132Ya4


    As I have stated hundreds of times starting years ago, the economic collapse would be a slow motion falling house of cards. To see an index like the one that tracks mortgage applications fall this severely is like seeing a whole bunch of cards fall at one time.

    Note that the 10.5 percent fall was preceded by an 11.2 percent fall the week before. Everybody is afraid to buy as they have now seen what happens when house values go down. You can lose thousands on a house. In fact, for most home owners you can lose your retirement. Many people would sell their houses to fund their retirements. Now, they can not do so.
     
  2. topspin
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    topspin BANNED

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    no it's not please list housing starts yr/yr
     
  3. uscitizen
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    uscitizen Senior Member

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    Individuals should look at houses as homes not investments.

    And home prices are still to high considering the economic situation.
     
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    You are absolutely correct.

    I could tear down my house and completely rebuild it with all new material for half of what I could sell it for today. That is amazing when you think about it. Why are people buying houses at these outrageously inflated prices when they could build them for half the cost.

    We are going down people. Trillions of Dollars are just vanishing into thin air!
     
  5. uscitizen
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    uscitizen Senior Member

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    Trillions of dollars that never really existed anyway.

    I got a $1,000 dog last week.
    I traded 2 $500 cats for it.
     
  6. topspin
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    topspin BANNED

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    Old people always get doomish, they long for the past economic boots and are bling to the new ones.
     
  7. Neubarth
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    Neubarth At the Ballpark July 30th

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    So, would you buy my old house for $500,000 or would you build an entirely brand new one for half that price????????????
     
  8. topspin
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    topspin BANNED

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    I seriously doubt there's a market where a builder can make 100% margin, but I guess it's possible in a small market.

    Our economy is producing right where it was pre recession and will continue up like it allways does. Yes the buggywhip manufacters will try to hold on, meanwhile apple can't make enough Iphones.
     
  9. william the wie
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    william the wie Gold Member

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    It's not just financial risk that is depressing the market, title uncertainty is also depressing purchases.
     
  10. uscitizen
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    uscitizen Senior Member

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    Umm lack of jobs could have a wee bit to do with it as well.
    Don'tcha think?
     

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