MORTGAGE APPLICATIONS: Home buying drop biggest since fall '03
MORTGAGE APPLICATIONS: Home buying drop biggest since fall '03
Bloomberg News
Published January 6, 2005
WASHINGTON -- The number of mortgage applications declined 10.6 percent last week, reflecting the biggest decrease in home purchases since October 2003, the Mortgage Bankers Association said Wednesday.
The group's main gauge fell to 605.7 from 677.4, the largest drop since May.
Its gauge of purchases slumped 13.7 percent, the largest drop since Oct. 10, 2003, to 417.3 from 483.8.
The mortgage bankers' measure of refinancing decreased by 5.7 percent, to 1701.3, the lowest level since the week ended Aug. 6.
Some economists said the decline reflected the difficulty the mortgage bankers group has in adjusting the data for seasonal events, such as Christmas and other holidays.
In the last full week of 2003 the mortgage index fell 9.1 percent before rebounding 4.5 percent a week later.
Copyright © 2005, Chicago Tribune
Bloomberg News
Published January 6, 2005
WASHINGTON -- The number of mortgage applications declined 10.6 percent last week, reflecting the biggest decrease in home purchases since October 2003, the Mortgage Bankers Association said Wednesday.
The group's main gauge fell to 605.7 from 677.4, the largest drop since May.
Its gauge of purchases slumped 13.7 percent, the largest drop since Oct. 10, 2003, to 417.3 from 483.8.
The mortgage bankers' measure of refinancing decreased by 5.7 percent, to 1701.3, the lowest level since the week ended Aug. 6.
Some economists said the decline reflected the difficulty the mortgage bankers group has in adjusting the data for seasonal events, such as Christmas and other holidays.
In the last full week of 2003 the mortgage index fell 9.1 percent before rebounding 4.5 percent a week later.
Copyright © 2005, Chicago Tribune
posted by Kirby P at 11:27 AM
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