Housing Still Hurting

MBA Mortgage Applications (week ended 8/1/2014)

– Purchase Index Week/Week -1.0%. Previous weeks were +0.2%, +0.3%, -8.0%, +4.0%, -1.0%, -1.0%. -5.2%, +9.0%, -4.0%, -1.0%, -3.0%, and -1.0%.

– Refinance Index Week/Week +4.0% . Previous weeks were -4.0%, +4.0%, -0.1%, +0.4%, +0.1%, -1.0%, -13.0%, +11.0%, -3.0%,-1.0%, and +4.0%.

– Composite Index Week/Week +1.6%. Previous weeks were  -2.2%, +2.4%, -3.6%, +1.9%, -0.2%, -1.0%, -9.2%, +10.3%, -3.1%, -1.2%, and +0.9%.

Year-on-year purchase mortgage applications are down 14.0%.  Lack or healthy economic growth and government mandated tougher mortgage lending standards are, in part, responsible.  The ability of the middle class to purchase homes is a metric of economic health.

Trade Deficit  (June 2014)

– Deficit $41.5 billion.  Previous was $44.7 billion.