Housing market problems
CalWatchDog.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.
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