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New Mortgage Activity Hits 13 Year Low In U S

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Home-buying applications sink to 13-year low
On Wednesday July 14, 2010, 7:01 am EDT
By Lynn Adler
NEW YORK (Reuters) - Demand for loans to purchase U.S. homes sunk to a
13-year low last week
, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday.

After a brief recovery houses are going down hard again. As housing drives the economy how can there be a recovery when the market is saying otherwise?

Lagging effect of the HPC. Its begun again here but it may take 6 months to show up in the broader economy.

IMO the BoE news that credit is tightening again will prove to be a catalyst and mix in the fact that there is no job growth (only more in part time work) and our bloated housing market must collapse.

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