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13 Year Low For Mortgage Applications Posted: 14 Jul 2010 08:05 AM PDT Typically the summer months are the busiest time of year for home sales. But when the Home Buyer Tax Rebate expired it motivated buyers and sellers to move in the spring. That is all good, except now we are looking at a gaping hole in the market. The market now is moribund. Pending home sales are at all time lows and now the demand for mortgages are scraping 13 year lows. We have sucked all the life and energy out of the housing market to get some of our tax money back. While real estate has always had ebbs and falls, there was a consistency to it. Now we have broken even that with millions of agents, brokers, vendors, and mortgage companies looking at activity drying up during what is typically the busiest time of the year. That is not the sign of a healthy market.
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