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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (12335)	8/13/2003 5:54:05 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 306849

Latest MBA survey is a doozy: mbaa.org WASHINGTON, D.C. (August 13, 2003) – The Mortgage Bankers Association of America’s (MBA’s) Weekly Mortgage Applications Survey released today showed the Market Composite Index of mortgage loan applications – a measure of mortgage loan applications for purchases and refinancings – for the week ending August 8 decreased by 16.1 percent to 824.6 on a seasonally adjusted basis from 983.2 one week earlier. On an unadjusted basis, the Index decreased by 16.3 percent compared with last week and was down by 17.6 percent compared with the same week one year earlier. The MBA seasonally adjusted Purchase Index decreased by 10.3 percent to 409.6 from 456.4 the previous week. The seasonally adjusted Refinance Index decreased by 20 percent to 3238.4 from 4047.5 one week earlier. Other seasonally adjusted index activity included the Conventional Index, which decreased to 1183.7 from 1413.3 the previous week. The Government Index decreased to 225.5 from 265.4 the previous week. “The contraction in mortgage activity continued last week with the level of refinance applications falling to about a third of what they were when they peaked in late-May and early June,” said Jay Brinkmann, MBA’s vice president of Research and Economics. The refinance share of mortgage activity decreased to 55.8 percent of total applications, from 58.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 22.5 percent from 21.7 percent the previous week. What's that hissing sound? Air leaking outta the bubble?<G>