RECOVERY? Lowest Mortgage Activity Since October 2008, Economic Damage From The Sequester Is Becoming More Clear, And It Could Get Worse
September 11th, 2013
Lowest Mortgage Activity Since October 2008
For the 16th of the last 18 weeks, mortgage refinance activity plunged (dropping 20% this week alone). Since early May, when the dreaded word “Taper” was first uttered, refis have collapsed over 70%.
This is the lowest level of mortgage refinance activity since since June 2009 and lowest total mortgage activity since Oct 2008 – in the middle of the financial crisis.
Who says the Fed didn’t drive all this?