Home Buyers Tax Credits Expire – Home Loan Demand Dives
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The Mortgage Bankers Association reported today that mortgage purchase applications sank 27.1 percent to the lowest level since May 1997. Requests for home purchase loans have fallen almost 20 percent over the past month despite low borrowing costs.
Michael Fratantoni, the Mortgage Bankers Association vice president of research and economics, said: “The data continue to suggest that the tax credit pulled sales into April at the expense of the remainder of the spring buying season.”
Low borrowing costs and stabilizing home prices are being offset by near double-digit U.S. unemployment and a looming supply of foreclosed properties yet to hit the market. Did I hear someone say Double-Dip for the housing market?
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