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Mortgage applications in the United States fell for a second week as a measure of home purchases matched the lowest level since November 2003.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan dropped 1.3% last week to 533.8 from 540.8 the prior week. The gauge of purchase applications declined 2.4% to 389. Higher mortgage rates are slowing home sales after five straight record years. Combined with a slowdown in mortgage refinancing that's been a source of cash for homeowners the past several years, the weakening housing market will weigh on the economy, economists said. Anthony Chan, chief economist at JPMorgan Private Client Services in New York, said that the general trend is undeniably toward a softening in housing, which has been an important anchor for consumer spending.
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Is it Time to Buy US Homebuilder Shares?
Gary Dorsch (Global Money Trends) submits: More home builders are cutting their 2006 profit outlooks as second-quarter orders for new homes have come down significantly from a year ago. Housing stocks have crashed from the stratosphere, as traders focused on earnings warnings and lower new-home sales in June. Pulte Homes (PHM), one of the nation's largest builders, on July 26th, said its profit fell 20% and lowered its 2006 outlook.
Unsold New homes equal a record 6.1 months of supply, and existing US homes are stagnating at 6.8 months of supply. New home sales were 11.1% lower in June from a year ago, but prices are still 2% higher on average at $231,000. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and purchasing loans, for the week ended July 28 fell 1.2% to the 528-level, it's lowest since May 2002.