The Mortgage Bankers Association’s Purchase Index, a measure of mortgage loan application volume for home purchases across the country, dropped 1 percent on a seasonally adjusted basis last week. On an unadjusted basis, the index increased 1 percent but remains down 17 percent year-over-year.
While a lack of inventory continues to be fingered for the slowdown in applications, according to the National Association of Realtors’ accounting, inventory levels of existing-homes for sale are up 10.9 percent year-over-year.

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Comments from “Plugged-In” Readers

  1. Posted by Jimmy The House Flipper

    As someone who experienced a major unanticipated setback on a project recently, I can empathize with the developer’s huge loss here. I hope they (and their subs) were all properly insured.

  2. Posted by Jimmy The House Flipper

    Somehow that ended up in totally the wrong comment thread… oh well!

  3. Posted by poor.ass.millionaire

    What went wrong, jeeemmy?

  4. Posted by two beers

    “While a lack of inventory continues to be fingered for the slowdown in applications, according to the National Association of Realtors’ accounting, inventory levels of existing-homes for sale are up 10.9 percent year-over-year.”
    That’s comedy gold, Jerry!

  5. Posted by R

    Seems that there continues to be a dearth of inventory in SF. A quick look at Redfin shows only 151 active SFH for sale in SF.. with last six months averaging about 220 SFH sold.. So somewhere around three weeks of inventory..
    Same for Condos.. 192 available, averaging 260+ sold per month, so about three weeks inventory.
    10% increase in nothing is still next to nothing.

  6. Posted by Rillion

    The market has drastically cooled down. One of the units in our complex went on the market in October and it was in contract within a week. Another one went on the market in February and it took a whole twenty days to get into contract. The bubble is bursting.

  7. Posted by Jimmy The House Flipper

    Meth-heads were squatting in a vacant house during escrow. The buyers walked in on them one Sunday afternoon, freaked out and then ran like hell …. deal fell out of escrow as a result.
    I’m gonna have to wait, like, a week to get another buyer now.

  8. Posted by lol

    I’m gonna have to wait, like, a week to get another buyer now.
    lol. In this market losing a buyer could mean getting another one at a higher price…

  9. Posted by Jimmy The House Flipper

    It better. The police ransacked the place looking for drugs (that or they just enjoy ransacking someone else’s house)… I had to send in a cleaning crew to restore it to its formed staged glory and get the smell of tweakers out.

  10. Posted by EBGuy

    Jimmy, was this one of your short sale specials? Location, location, location…

  11. Posted by two beers

    @Jimmy: good thing to be an extractor of wealth instead of a producer of wealth, eh?

  12. Posted by Jimmy The House Flipper

    Oh actually I am engaged in both production and extraction. Extraction is far more entertaining than production, but the financial basis for everything, at least in my life, is production. The extractive ventures are merely a hobby… the entertainment value of which is only temporarily diminished when I get a phone call from the police.

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