Greetings Neighbors,


As many of us know, real estate has taken a beating especially within the past year in this economy. According to the latest numbers from the Mortgage Bankers Association, their index of mortgage applications dropped from 742.9 to 641 during the week ending October 16th which was a 14% decrease.

In addition, home purchase applications were down by 7.6 percent as well as the refinancing index which was down 17%. Despite its decrease, refinancing still remains in the forefront of mortgage activity.

With the $8,000 tax credit for first time home buyers expiring December 1st, it is likely that the index for purchase applications will continue to decrease.