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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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YoY purchases down around 1/4. YoY refis down 39%. Also prepay (loans paid off) percentages are down, indicating that folks with ARMs are either 1) selling their homes, 2) living with the upward rate adjustments, or 3) letting the loan go into default.
Some gurus say a breakdown in MBA mortgage numbers will indicate a move towards a hard landing. If numbers level out or improve, then a soft landing is possible.
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