Quote of the day
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"Home sales are in the process of reversing all the gains of the past two years and reverting to 2003 levels."
- Robert Mellman, economist, J.P. Morgan
The WSJ's Afternoon Report reports that mortgage apps sank 5.5% last week; According to the The Mortgage Bankers Association, applications for purchase fell 4.7%, while refis slid 6.6%.
Not coincidentally, borrowing costs ticked higher: the average rate on a 30-year fixed mortgage is 6.50%, while the one-year Treasury adjustable-rate mortgage rose to 5.97%. These are the highest rates have been since April 2001.
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Source:
Trade Reprieve
Tim Annett
WSJ, April 12, 2006 12:34 p.m.
http://online.wsj.com/article/SB114484354102623891.html
Wednesday, April 12, 2006 | 06:36 PM | Permalink
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Two years, huh?
http://finance.yahoo.com/q/bc?s=^HGX&t=2y
Seems the homebuilders at least have a ways left to go.
Posted by: wcw | Apr 12, 2006 7:14:19 PM
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