Each day the Research staff takes a look at recently released economic indicators, addressing what these indicators mean for REALTORS® and their clients. Today’s update highlights mortgage purchase applications and general housing market sluggishness.
- There has been general economic and housing market sluggishness in the second quarter of this year. The likely trigger was gas prices peaking in April, which then led to a fall in the consumer confidence index.
- Note that the mortgage applications do not include all-cash transactions. All-cash buys have been about one-third of all sales in recent months, an unprecedented high figure. A typical historical average would be about 10 percent. In some markets with heavy foreclosures with deep-discounted prices like in Miami and Las Vegas, all cash share is said to be about 50 percent.