It should come as no surprise that the Mortgage Banker’s Association reported its weekly reading on mortgage applications dropped 18.6% for the week ending December 17th. Purchase applications dropped 2.5% while applications for refinances plunged 24.6%.
In conjunction with this, the National Assn. of Realtors reported existing home sales rose 5.6% in November with approximately 1/3 of these being distressed sales; foreclosure or short sale. For the year, existing home sales are down 27.9% as high unemployment and tight lending standards hamper the housing recovery.
The final revision of GDP for the 3rd quarter shows that the economy grew at a slower-than-expected pace of 2.6%, but still above the 2nd quarter’s growth rate of 2.5%. Personal consumption was believed to have increased from 2.8% in Q2 to 2.9% but actually slowed to 2.4%.
This data had little effect on the markets with stocks flat and bonds prices slightly lower. Be sure to check out the year-end pricing specials being offered by Home Savings! With the holiday season in full swing it is easy to procrastinate, so don’t miss out!
Tomorrow will be a short day for the bond market and both stock and bond markets will be closed Friday, December 24, 2010.
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