Good news? short post
http://news.yahoo.com/s/nm/20081022/bs_nm/us_usa_economy_mortgages Mortgage apps sink to 8 yr LOW!!!!
>>>Potential buyers are in many cases paralyzed by tumbling stocks, a two-year home price slump that has room to run, mortgage rates close to the year's peak and higher downpayments required by lenders making it harder to get a mortgage as foreclosures spike.
Job insecurity is also increasing as a recessionary economy means unemployment will rise from its five-year high, many analysts say.
"A lot of individuals are just not thinking about buying a house now," said Stuart Hoffman, chief economist at PNC Financial Services Group in Pittsburgh. "They're uncertain, their confidence isn't high, they're feeling that they might not qualify for a loan anyway so why even bother to apply."<<<>......I wasnt buying on margin....a 30% move alerts them.....very odd. PS worked out for me...I went back to charts and decided to leave it be....has fallen now under $10 !!! moral (dont try and pick a bottom..)
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