not feel the pain of the bottom dropping out...
There were two significant factors affecting the RE market numbers:
First, many of the transactions - sales & mtg apps
were moved forward to be able to use the Buyers Tax Credit.
Second, many CALs sale transactions were delayed...
in order for them to use the new CAL tax credits.
Those dislocations will impact these numbers for a few months.
What ever is normal will not be normal until then.
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If the Reuters chart is cut off for you..., go to the article to see this years numbers.
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U.S. MBA Mortgage Applications Index Fell 1.5% Last Week
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Loan demand to buy US homes sinks to 13-year low
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