Housing market problems

Housing market problems

housing market, wolverton, cagle, Dec. 23, 2013CalWatchDog.com stories repeatedly have warned that the optimism over California being “back,” as Gov. Jerry Brown insists, may be overblown. That doesn’t mean a recession is approaching, only that policymakers ought to be careful.

Now this from AP:

The number of Americans applying for mortgages has fallen 63 percent since a May peak, reflecting a cooling housing market and higher borrowing rates.

The Mortgage Bankers Association says applications fell a seasonally adjusted 6.3 percent last week from a week earlier. Applications are now at a 13-year low.

The drop-off follows a 1 percentage point increase in mortgage rates from historic lows last spring. The average for a 30-year mortgage is 4.47 percent, according to mortgage buyer Freddie Mac.

That means the mortgage application rate is even lower than it was during the 2007-09 housing crash.


Tags assigned to this article:
Jerry BrownJohn Seilermortgage rates

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