sink, a lot lower, and not understand why...
In Separate news reports we are told that new home starts and permits declined substantially this month. We are also told that existing home sellers are taking their home listings back off the market with the loss of the Buyer Tax Credit.
We are also told that banks/lenders are cutting back on foreclosure starts.
This is the old question: "It's not if, or even when, it is by how much?"
If everyone in the RE industries are cutting back, knowing that sales will fall substantially, why would you, or anyone, think that they are not going do that.
And be surprised when they do.
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Overall mortgage application volume falls 12.2 pct
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Without tax credit, home demand keeps slumping
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Buyer Fatigue Grips the Housing Market
Mortgage Purchase Applications Continue to Plummet
Mortgage purchases sunk for the 5th-straight week to a level not seen since early 1997
Mortgage applications from purchases continued to fall last week by another 5.7%
They're down an amazing 42.4% since the credit expired at the end of April.
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