Mortgage applications drop 61 percent - Sacramento Business Journal:: "Even as housing prices drop across the country, fewer people appear close to buying a home.
The Mortgage Bankers Association reports that the volume of mortgage applications fell last week to the lowest level in almost eight years. Additionally, the group says applications are down 61 percent from this year's peak in February.
The decline in new home construction is a major factor in the drop in activity, the association says. On top of that, fewer people are refinancing existing mortgages.
On Tuesday, the U.S. Department of Commerce said construction of new homes and apartments in July fell to the lowest level in more than 17 years."
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