Fewer and fewer home buyers?
Are there becoming fewer and fewer home buyers in Southern California?
It appears so.
According to the Mortgage Banker's Association, applications for mortgages dropped 1.6 percent this week versus last week. Compared to last year at this time; however, mortgage applications are down a whopping 13.8%. Yet, the 30-year fixed mortgage rate went from 6.42 to 6.31%.
While it might take some time, this lack of buyers and rising surplus of homes in the Los Angeles real estate market will have to push prices downward - at least if sellers want to attract any home buyers.
Of course, maybe mortgage rates will drop low enough to spark one more run.
Need a mortgage broker?
It appears so.
According to the Mortgage Banker's Association, applications for mortgages dropped 1.6 percent this week versus last week. Compared to last year at this time; however, mortgage applications are down a whopping 13.8%. Yet, the 30-year fixed mortgage rate went from 6.42 to 6.31%.
While it might take some time, this lack of buyers and rising surplus of homes in the Los Angeles real estate market will have to push prices downward - at least if sellers want to attract any home buyers.
Of course, maybe mortgage rates will drop low enough to spark one more run.
Need a mortgage broker?
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