Financing in Colorado>Question Details

Kent Palmer,  in Denver, CO

Did mortgage applications really rise by more than 32% in the new yerar?

Asked by Kent Palmer, Denver, CO Fri Jan 11, 2008

That bubble kinda looks like a dip. Yes? I think so. I can't wait to look back on the good old days when the pesimists were scaring the competion away. Nothing better than to have pick of the crop because everybody else is to scared to go out in the field.

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I ran this question by a mortgage specialist that I work with. Mortgage applications have risen a great deal the past few weeks, but this may be due to a substantial increase in refinancings. The Fed has lowered rates over the past two quarters and appears ready to lower them again over the next few months. This may translate into lower mortgage rates for home buyers.
0 votes Thank Flag Link Sat Jan 12, 2008
I think they forgot this small fact for the 4 week avg. Not the short week between christmas and new years.

"The four week moving average for the seasonally adjusted Market Index is down 4.1 percent to 624.4 from 650.8. The four week moving average is down 3.5 percent to 397.9 from 412.4 for the Purchase Index, while this average is down 4.5 percent to 2031.0 from 2127.4 for the Refinance Index."

http://www.mortgagebankers.org/NewsandMedia/PressCenter/59184.htm

Ill take any positive news though, but i always take long term #'s more serious.
0 votes Thank Flag Link Fri Jan 11, 2008
0 votes Thank Flag Link Fri Jan 11, 2008
Are you guys serious. Im a positive individual myself and think the Market has some life, but wow. To say the least you guys are on one half of the outlook, im somewhere in between. I dont see any clear signs of more negative or more positive. If you have been dealing with clients you know this, banks are still tightening up and it is still very difficult to obtain a loan.

And please send link to 32% increase. Also i would love to see a closing percentage also.

Its gonna get worse before it gets better, the longer you stay in the market the longer your chances are at survival.
0 votes Thank Flag Link Fri Jan 11, 2008
Not a dip. When it slowed it fractured. It dropped suddenly and quickly and took everybody by surprise.

WE are used to seeing these Whale's Backs in all these charts and everything starts and stops slowly and in a nice smooth trend line.

This slow down was caused by the the Case-Shiller chicken little crowd! "The Sky is falling and oh my god the Bubble is going to Pop!". Well you remember when the Bubble Boy had his Bubble Pop? It was a lot of fun and he lived a fuller life. We are going to be fine.

But this thing happended like Katrina and it was sudden and the Media chewed it up. They still are. Heck they are mad that there are any signs of life. But their are.

Banking is going to get better. Loans Better. This is going to take time. But we are digging out . There will be a tommorrow. This activity dies uncharacteristically fast. It is pshchology and people are sheep and fear monger. As soon as they see positive signs the sheep are going to run back to greener pastures.

As quick as it quit it can start back up. The sell off in most markets is ongoing but look for it to mellow and slow and than reverse. Good news is that New home starts stopped 6-12 months ago in almost all markets. I t will than take 12-18 months to get it going again. So now we are set up for another housing shortage in many markets. This correction hurt lots of people and almost took us down.

Lets see if we can pull it together. I think we can and we will and we believe the bottom is now through mid year so buyers....you got these sellers on their knees. Better accpet their proposal before they find a better suitor!

Regards;

Dirk Knudsen
"The Real Estate Doctor"
Web Reference: http://www.nwhomcentral.com
0 votes Thank Flag Link Fri Jan 11, 2008
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