The housing storm clouds are gathering the horizon

HeSaidSheSaid

HeSaidSheSaid

1) Wells Fargo first cut 2300 mortgage employees nationwide, and will now cut 1800 more.

2) Bank of America plans to close 16 mortgage offices.

3) JP Morgan Chase is cutting up to 15,000 mortgage workers by next year.

4) Citigroup is cutting 1000 across the country.

5) mortgage rates have climbed about one percent for a 30-year mortgage from 3.3% to 4.4%; Mortgage applications to purchase a home are down 10 percent in the last four weeks.

this will also impact on other sectors that provide collateral services.
 
1) Everyone who could refi has already done it.

2) investors are purchasing homes for cash

3) the pent up demand from the lean years were buying over the last 2 years.

4) those mortgage employes were temporary. They were added as the refi craze picked up steam. Not really an indication of slowing demand more like a return to normal.
 
you're entitled to your opinions, though I rather trust the numbers "Mortgage applications to purchase a home are down 10 percent in the last four weeks."

and action of the big banks. it seems logical to me.
 
Quote from HeSaidSheSaid:

"Mortgage applications to purchase a home are down 10 percent in the last four weeks."
More...

The last four weeks the government was shutdown as well as the obamacare debacle. Home purchasers sitting on the sidelines due to the relentless media coverage of doom and gloom.
 
Home prices are up 20%. Head of household home ownership is at record lows.

Somehow Obama has talked the hedge funds and wall street to invest in homes.
There is no housing market rally
 
Retail house sales are very seasonal. Most change hands when kids are out of school in July-Aug... I read that lots of the housing action of late is wholesale though
 
you're too late now, Big money's have been selling banks & home builders. US economy is mainly supported by housing. that means jobs.... and more
 
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