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U.S. Weekly Mortgage Application Volume Drops 14%

By Call it Crazy   Follow   Wed, 17 Oct 2012, 6:34pm   1,139 views   22 comments
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I wonder who's going to be buying all those new housing starts that were reported today??

http://online.wsj.com/article/BT-CO-20121017-706123.html?mod=WSJ_Banking_middleHeadlines

....."The total number of mortgage applications filed in the U.S. last week fell 14% from the prior week as some interest rates increased slightly, the Mortgage Bankers Association said Wednesday."

....."The share of applications filed to refinance an existing mortgage represented about 82% of total applications, down from 83% in the previous week. Adjustable-rate mortgages represented about 3.9% of total activity."

***************
So, 82% refi applications which leaves 18% of applications for PURCHASES.....

Yep, that's a housing recovery alright!!

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1. errc Follow Befriend (7) 29 threads 1,203 comments 31 male Premium

   1   6:38pm Wed 17 Oct 2012   Share   Quote   Permalink   Like   Dislike   Protected   What happens once everyone is re-fi'd down to

2. Goran_K Follow Befriend (4) 25 threads 1,517 comments Laguna Beach, CA Premium

   2   6:45pm Wed 17 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   errc says What happens once everyone is re-fi'd down to Then they pay for 3-4 months, then default like the other loan modders have done.

3. Call it Crazy Follow Befriend 228 threads 2,748 comments

   3   6:50pm Wed 17 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Goran_K says errc says What happens once everyone is re-fi'd down to Then they pay for 3-4 months, then default like the other loan modders have done. and squat without paying for the next two years...

4. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

   4   4:48am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Crazy-- Didn't you learn after the last time you posted this??? Here is the info you really want: "The seasonally adjusted purchase index increased 1 percent from one week earlier. This is the highest purchase index observed in the survey since early June 2012. The unadjusted purchase index decreased 9 percent compared with the previous week and was 12 percent higher than the same week one year ago." They publish the purchase index. Why do you keep trying to back into it (incorrectly, I might add)? Purchase index is 12% higher than a year ago.

5. 37108605 Follow Befriend 1 threads 1,055 comments

   5   7:17am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Goran_K says errc says What happens once everyone is re-fi'd down to Then they pay for 3-4 months, then default like the other loan modders have done. and squat without paying for the next two years... Yes, THAT is some economic strategy isn't it?! What next a "Gangnum Style" dance set to that fiasco? Then a Reality Show? Jeez! What a world.

6. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   6   7:34am Thu 18 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Call it Crazy says The share of applications filed to refinance an existing mortgage represented about 82% of total applications This tells about the health of the housing market. Recovery? I smell a rotting fish!

7. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

   7   8:54am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   bubblesitter says This tells about the health of the housing market. Recovery? I smell a rotting fish! That's because you both don't understand the difference between purchase index and refinance index.

8. Call it Crazy Follow Befriend 228 threads 2,748 comments

   8   9:22am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says "The seasonally adjusted purchase index increased 1 percent from one week earlier. This is the highest purchase index observed in the survey since early June 2012. The unadjusted purchase index decreased 9 percent compared with the previous week.." Yep, if we massage the numbers enough, we can squeak out a "seasonally adjusted" number of 1 percent..... But, if we just look at the "actual unadjusted numbers" we get a DECREASE of 9 percent.... The "spin" continues.....

9. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

   9   9:27am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Yep, if we massage the numbers enough, we can squeak out a "seasonally adjusted" number of 1 percent..... But, if we just look at the "actual unadjusted numbers" we get a DECREASE of 9 percent.... The "spin" continues..... As they explained--because there was a holiday. The "spin" does continue. From you!

10. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    10   9:27am Thu 18 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   War says And heres a delightful chart showing cratering housing demand. Looks like a chart showing a bubble followed by a return to normalcy to me.

11. Call it Crazy Follow Befriend 228 threads 2,748 comments

    11   9:36am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Looks like a chart showing a bubble followed by a return to normalcy to me. Here's a closer look for you.... the chart just SCREAMS RECOVERY!!! * Depends what your definition of "normalcy" is....

12. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    12   10:37am Thu 18 Oct 2012   Share   Quote   Permalink   Like (1)   Dislike   Call it Crazy says Here's a closer look for you.... the chart just SCREAMS RECOVERY!!! Wow--the spin continues. How about expanding that chart so it goes back to 1980 or even 1990? What does it look like then? You purposely used 2005 as the starting point because it was the heart of the bubble. Very dishonest. Par for the course for you.

13. Call it Crazy Follow Befriend 228 threads 2,748 comments

    13   11:11am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Wow--the spin continues. How about expanding that chart so it goes back to 1980 or even 1990? Open your eyes, you have the chart from the 1990'a above!!! tatupu70 says You purposely used 2005 as the starting point because it was the heart of the bubble. Very dishonest. Par for the course for you. Sorry pal... we're talking recovery here and your point in your post#5 was about increases.... Take a look at my chart from like 2010, years "past" the bubble.... do you see any recovery?? Didn't think so.... Nice Try again!! Par for the course for you! Oh, BTW, are you still getting your Obama Troll checks?? That's going to be ending soon, you might want to go searching for some different Troll payments...

14. 37108605 Follow Befriend 1 threads 1,055 comments

    14   11:13am Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Call it Crazy says Here's a closer look for you.... the chart just SCREAMS RECOVERY!!! Wow--the spin continues. How about expanding that chart so it goes back to 1980 or even 1990? What does it look like then? You purposely used 2005 as the starting point because it was the heart of the bubble. Very dishonest. Par for the course for you. They better learn their history, let's start with what THIS lead to THE REAL ESTATE "BOOM" OF THE 1920s http://www.library.hbs.edu/hc/crises/forgotten.html

15. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    15   1:33pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says Open your eyes, you have the chart from the 1990'a above!!! Exactly. It shows a bubble, followed by a return to normalcy like I said. Which forced you to post the garbage chart. Call it Crazy says Sorry pal... we're talking recovery here and your point in your post#5 was about increases.... Yep.. Because you seemed to imply that the index was down. Just wanted to set the record straight. It's almost a full time job correcting your mistakes.

16. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    16   1:34pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Reader says They better learn their history, let's start with what THIS lead to THE REAL ESTATE "BOOM" OF THE 1920s What is your point? That bubbles lead to recessions? Wow--you really broke some new ground there. How is it relevent to the discussion at hand?

17. Call it Crazy Follow Befriend 228 threads 2,748 comments

    17   1:55pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Yep.. Because you seemed to imply that the index was down. Just wanted to set the record straight. It's almost a full time job correcting your mistakes. My mistakes.... Ha Ha Ha..... No, I'm just reposting an article, it's YOU who tries to imply and provoke!! But here lies the problem... the typical TROLL that you are, always attacks the "messenger"... like that's going to gain anything... If you don't like the "message", don't read it... or better yet, go attack the Wall Street Journal, who published the original article and data... But you don't have the "balls" to do that..... Go try earning your "Troll money" on some other forum.... Pathetic......

18. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    18   7:35pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says No, I'm just reposting an article, it's YOU who tries to imply and provoke!! Actually, you are posting a link to an article, taking excerpts out of it and then using them to draw a faulty conclusion. You like to throw around the term troll, when it's actually you that fit the description. Call it Crazy says If you don't like the "message", don't read it... or better yet, go attack the Wall Street Journal, who published the original article and data... I have no problem with the message, which is why I posted the important part of the article you left out that shows why your conclusion is completely wrong. The part I have a problem with is misrepresenting the facts. You've done it on multiple occasions now. Not sure if you are doing it on purpose or if you don't really understand the facts. My guess is that it's on purpose.

19. Call it Crazy Follow Befriend 228 threads 2,748 comments

    19   7:59pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says The part I have a problem with is misrepresenting the facts. You've done it on multiple occasions now. Not sure if you are doing it on purpose or if you don't really understand the facts. My guess is that it's on purpose. The person with the problem here is YOU!! I post articles and quotes exactly on how they are written in the article. I also post the direct link so anyone can read the complete article. If posting exact excerpts from an article is misrepresentation, then you should go rag on all the other posters on this forum. I also didn't realize I needed YOUR approval to post my opinion on an article. You just need some place to go to start your TROLL arguments.... go be a crybaby somewhere else... Here, you earned your Troll Dollars... *

20. Call it Crazy Follow Befriend 228 threads 2,748 comments

    20   8:24pm Thu 18 Oct 2012   Share   Quote   Permalink   Like   Dislike   tatupu70 says Actually, you are posting a link to an article, taking excerpts out of it and then using them to draw a faulty conclusion. Call it Crazy says So, 82% refi applications which leaves 18% of applications for PURCHASES..... So, lets see... the article says that 82% of applications are for refis... so my conclusion (as I posted above) is: 100% - 82% = 18% So I guess the part that was MY opinion was that I did some math to come up with the 18% for purchases... Is my math a"faulty conclusion"?? Am I misleading people by doing this math for them?? No one has critical thinking skills to figure this out for themselves?? Maybe my opinions are SO POWERFUL on this forum that people might take my views and make a bad decision from them. Is that it?? Or maybe readers on this forum don't know how to click on a link and aren't able to read an article and interpret it on their own? Is that it?? Didn't think so....

21. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    21   7:19am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says If posting exact excerpts from an article is misrepresentation, then you should go rag on all the other posters on this forum. I also didn't realize I needed YOUR approval to post my opinion on an article. You certainly don't need my approval to make a fool of yourself. Just don't get all huffy when I post the real facts that directly contradict your opinion.

22. tatupu70 Follow Befriend (3) 15 threads 5,606 comments

    22   7:23am Fri 19 Oct 2012   Share   Quote   Permalink   Like   Dislike   Call it Crazy says So, lets see... the article says that 82% of applications are for refis... so my conclusion (as I posted above) is: 100% - 82% = 18% So I guess the part that was MY opinion was that I did some math to come up with the 18% for purchases... Is my math a"faulty conclusion"?? Am I misleading people by doing this math for them?? No one has critical thinking skills to figure this out for themselves?? No the part that was your opinion was this: Call it Crazy says Yep, that's a housing recovery alright!! The math you didn't was completely useless however because you didn't list the total number of applications. 18% of what? Without knowing that, you have no idea whether purchase applications are growing or falling. That's why there is a purchase index. I don't understand why you would go through the trouble of posting the %s when they've already devised an index that you could quote. Unless you are trying to deceive...