Demand for U.S. housing

Despite incredibly low mortgage interest rates, people aren’t applying for mortgages.

From Calculated Risk, “Mortgage applications have fallen off a cliff. The weekly applications index is at the lowest level since December 1996.”

(Click graph to enlarge.)

I should add that mortgage applications spiked in April because of the $8,000 first-time home buyer tax credit and then fell back more towards trend after the program ended.

July 25, 2010 by Realtor John Wake

About The Author

John Wake

Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.

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