The market has been on fire the last two months, lots of pent up demand and buyers taking advantage of the first time buyer tax credit. Looks like a bit of a lull now.

Mortgage Applications

Mortgage applications came out for the November 13th week and were shockingly weak in view of the just-announced expansion of the government stimulus, which was announced at the end of October! Applications were down 2.5% but the really disturbing news was the 4.7% slide in the applications for new purchases, which is on top of the 11.7% plunge the week before — down 15% from last year’s depressed levels and the lowest since November 1997!