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Mortgage Lending Slid to 16-Year Low in 2011


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2012 Sep 18, 4:38am   14,256 views  41 comments

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http://online.wsj.com/article/SB10000872396390443995604578004231728567010.html

If loans and refis are dropping, what kind of MBSes do you suppose the FedRes will be buying into 2015?

Mortgage lending continued to drop off last year in the U.S., falling to a 16-year low as the housing market struggled to recover and refinancing activity slowed, U.S. regulators said Tuesday. The number of home loans issued tumbled 10% in 2011 to 7.1 million, the lowest level reported under the Home Mortgage Disclosure Act since 1995. Mortgages for purchasing a home fell about 5%, while refinancings contracted by 13% despite a pickup late in the year as 30-year mortgage rates fell to around 4%. The Federal Reserve, which compiled the data along with several other regulators, said one factor weighing...

#housing

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41   RentingForHalfTheCost   2012 Sep 20, 9:24am  

bgamall4 says

RentingForHalfTheCost says

Simply not true. This is a bubble driven by free money. The cash is buying the below market priced housing. The free money is putting pressure on the prices to stay stable or rise. Cash is much smarter than free.

Free money is cash. I said it was causing a mini bubble. You are saying I disagree with you but I don't think I am.

Gary Anderson strategicdefaultbooks.com

Oh, I thought you were saying the cash only buyers were causing the bubble. My bad. Free money is great when you are the receiver, but when you want to live within your means and not feed into the debt problem it sucks. I witness so many people living on borrowed money that they will never repay. I knew it when it started happening in 2004 and it is still happening. Tight lending standards my ass. I just sold a car and the buyer got an auto loan at 2%. Removing inflation and the credit union is paying the person to take the loan. How can that be healthy. If you followed the money trail there has to be kickbacks from the gov't and forgiveness for bad debt to make that auto loan profitable for them. Stupid stuff.

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