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Mortgage applications fall for third straight week

By Call it Crazy   Follow   Thu, 3 Jan 2013, 7:31am   1,013 views   25 comments
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(Reuters) - Applications for home mortgages fell last week for the third consecutive week as refinancings fell to the lowest level since last April, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 10.4 percent in the week ended December 28.

The MBA's seasonally adjusted index of refinancing applications also fell 10.4 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 10.5 percent. Both indexes dipped for a third straight week.

The refinance share of total mortgage activity stayed at 82 percent of applications.

http://news.yahoo.com/mortgage-applications-fall-third-straight-week-mba-120556681--business.html

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1. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   1   8:13am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected   It's okay Call it Crazy, we just need more investors, and people to break out of credit jail. That's what e-man told me.

2. Kevin Follow Befriend 40 threads 2,652 comments

   2   9:31am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   I'd expect refinancing to start falling off pretty rapidly from here on out. There's not much room for rates to go lower. Inventory fell off a cliff at the end of November, so there aren't really any purchases to get a mortgage on. Depending on the city, listings are down 20-30% YoY. It seems like there are hardly any distressed sales popping up, so my guess is a lot of people refinanced and are going to sit tight for a while.

3. Call it Crazy Follow Befriend 249 threads 2,913 comments

   3   9:32am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Kevin says It seems like there are hardly any distressed sales popping up, so my guess is a lot of people refinanced and are going to sit tight for a while. Or, just default, stop paying and sit tight...

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

   4   10:19am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Now,some people will say,it is will not put a dent on home prices.

5. Kevin Follow Befriend 40 threads 2,652 comments

   5   11:07am Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Call it Crazy says Kevin says It seems like there are hardly any distressed sales popping up, so my guess is a lot of people refinanced and are going to sit tight for a while. Or, just default, stop paying and sit tight... No. The people who were going to default already have. Rates are low enough now that payments have been cut by half. People are underwater still, but they're able to pay the bills so they'll stay.

6. Call it Crazy Follow Befriend 249 threads 2,913 comments

   6   2:54pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Kevin says No. The people who were going to default already have. Rates are low enough now that payments have been cut by half. People are underwater still, but they're able to pay the bills so they'll stay. What about the average 360K who file for first time unemployment each week. How long do they continue to pay their mortgages??

7. Kevin Follow Befriend 40 threads 2,652 comments

   7   3:01pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Call it Crazy says Kevin says No. The people who were going to default already have. Rates are low enough now that payments have been cut by half. People are underwater still, but they're able to pay the bills so they'll stay. What about the average 360K who file for first time unemployment each week. How long do they continue to pay their mortgages?? Depends on the person. Many don't have mortgages to begin with. Keep holding your breath for the next huge wave of foreclosures, though. I'm sure it'll happen if you just want it bad enough.

8. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

   8   3:07pm Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Protected   Call it Crazy says What about the average 360K who file for first time unemployment each week. How long do they continue to pay their mortgages?? Well $1,800 a month for 2 years can buy a pretty decent pad with today's rates. :)

9. Call it Crazy Follow Befriend 249 threads 2,913 comments

   9   3:07pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Kevin says Depends on the person. Many don't have mortgages to begin with. What????? Only people without mortgages lose their jobs?? Really??? *

10. Kevin Follow Befriend 40 threads 2,652 comments

    10   4:44pm Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Call it Crazy says Kevin says Depends on the person. Many don't have mortgages to begin with. What????? Only people without mortgages lose their jobs?? Really??? * You must have gone to the special school when you were a child.

11. Mark D Follow Befriend 66 threads 535 comments Simi Valley, CA

    11   5:07pm Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   another biased article probably written by a typical republican bear who wishes everything would crash and burn so they can blame it on a black guy. note the "article" doesn't take into account seasonality, the ever decreasing level of inventory and makes no mention of the fact that the amount of applications has INCREASED Y-o-Y. "Applications for home mortgages fell last week for the third consecutive week as refinancings fell to the lowest level since last April"

12. Call it Crazy Follow Befriend 249 threads 2,913 comments

    12   5:34pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Mark D says another biased article probably written by a typical republican bear who wishes everything would crash and burn so they can blame it on a black guy. No, actually it looks like he's one of yours....

13. errc Follow Befriend (7) 30 threads 1,267 comments 31 male Premium

    13   5:43pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (2)   Dislike   Protected   Infestor led rally will only go so far as rents will allow, and rents come from wages, so play along accordingly

14. mell Follow Befriend (5) 74 threads 1,400 comments Premium

    14   6:44pm Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Protected   errc says Infestor led rally will only go so far as rents will allow, and rents come from wages, so play along accordingly InFestor, nice!

15. Philistine Follow Befriend 506 comments Los Angeles, CA

    15   6:47pm Thu 3 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Actually, mortgage applications are up 30+% year-over-year. December was up 3% over November. It was only the recent two weeks they decreased slightly: http://www.housingwire.com/fastnews/2013/01/02/home-mortgage-applications-grow-december-capital-economics

16. Call it Crazy Follow Befriend 249 threads 2,913 comments

    16   6:48pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Kevin says You must have gone to the special school when you were a child. Wow, so that was you in the same class... imagine that!!

17. Call it Crazy Follow Befriend 249 threads 2,913 comments

    17   6:58pm Thu 3 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Philistine says Actually, mortgage applications are up 30+% year-over-year. December was up 3% over November. It was only the recent two weeks they decreased slightly: http://www.housingwire.com/fastnews/2013/01/02/home-mortgage-applications-grow-december-capital-economics That article data is from Capital Economics, not the MBA.. ..."Researchers with Capital Economics say December application filings regained ground lost in November" Try here: http://www.mbaa.org/default.htm

18. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    18   7:20am Fri 4 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike   Protected   Week over week, or even YOY, mortgage applications for home purchases has been in the tank for the past 3-4 years, we're back to mid-90s levels now: It's obvious new demand isn't coming from traditional buyers, it's infestors/speculators who are driving this market.

19. iwog Follow Befriend (48) 274 threads 12,646 comments 47 male Lafayette, CA Premium

    19   7:32am Fri 4 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   bubblesitter says Now,some people will say,it is will not put a dent on home prices. It will not put a dent in home prices. Refinances are down because (drum roll)..........interest rates have stopped falling! TADA!!!

20. Mobi Follow Befriend 1 threads 247 comments

    20   7:43am Fri 4 Jan 2013   Share   Quote   Permalink   Like   Dislike   Goran_K says It's obvious new demand isn't coming from traditional buyers, it's infestors/speculators who are driving this market. I don't see this as a problem except for those who is dreaming to take advantage of another housing bubble. Investors is a mechanism to stablize the housing market (good or bad depending on your opinion.)

21. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    21   7:54am Fri 4 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   Mobi says I don't see this as a problem except for those who is dreaming to take advantage of another housing bubble. Investors is a mechanism to stablize the housing market (good or bad depending on your opinion.) I don't either. What I do contend is that investors by themselves can sustain a bull market. There are people on here who think housing will appreciate 30% in the next 3 years, and that it's a "conservative" prediction.

22. CaptainShuddup Follow Befriend (1) 296 threads 5,266 comments

    22   8:00am Fri 4 Jan 2013   Share   Quote   Permalink   Like (1)   Dislike (1)   Mark D says another biased article probably written by a typical republican bear who wishes everything would crash and burn so they can blame it on a black guy. Well I wish everything would crash and burn so we would get a new cast of characters. Ah who am I kidding, 50% of the people would still trust the old guard to turn things around.

23. Mobi Follow Befriend 1 threads 247 comments

    23   9:04am Fri 4 Jan 2013   Share   Quote   Permalink   Like   Dislike   Goran_K says I don't either. What I do contend is that investors by themselves can sustain a bull market. There are people on here who think housing will appreciate 30% in the next 3 years, and that it's a "conservative" prediction. In some areas, it is bouncing back from oversold. In some areas, housing is just alwalys crazy. In my area, it is a gradual decline. YMMV. Overall, I don't see a NATIONAL housing bull market.

24. Call it Crazy Follow Befriend 249 threads 2,913 comments

    24   9:30am Fri 4 Jan 2013   Share   Quote   Permalink   Like   Dislike (1)   Mobi says In some areas, it is bouncing back from oversold. In some areas, housing is just alwalys crazy. In my area, it is a gradual decline. YMMV. Overall, I don't see a NATIONAL housing bull market. Me neither... my state is also in a gradual decline with no bottom in sight.

25. Goran_K Follow Befriend (4) 26 threads 1,566 comments Laguna Beach, CA Premium

    25   10:04am Mon 7 Jan 2013   Share   Quote   Permalink   Like   Dislike   Protected   Mobi says In some areas, it is bouncing back from oversold. In some areas, housing is just alwalys crazy. In my area, it is a gradual decline. YMMV. Overall, I don't see a NATIONAL housing bull market. I also think some areas are literally back to 80s prices or less; Vegas, Phoenix, etc. They aren't going to crash anymore so I could see more appreciation in those markets if it comes. But metro areas of California are looking at big declines.