December 12, 2007

Even the "mortgage applications" number is bogus - freaked out applicants filing multiple applications in desperate hopes one will be approved



Ya know, at one point we'll come to see that we couldn't trust one single number coming to us from these REIC trade groups or the government themselves.

Not one single stinking number.

If it wasn't so funny it'd be sad.

Here's the headline today that most of the lazy MSM and Wall Street will trumpet:

Mortgage applications hit highest level in 2 years

Mortgage applications rose last week to the highest level since July 2005 despite a jump in borrowing costs, an industry group said on Wednesday.

And here's the reality from the same article:

The trade group's index continues to be skewed by borrowers filing numerous applications in the hopes of getting one approved, analysts contend.

"Buyers out there are scared about their mortgage applications being turned down, and anecdotes show they are actually applying for more mortgages with more companies," Steve Wyatt, a professor of finance at the Farmer School of Business at Miami University said on Tuesday prior to the release of the MBA report.

"Higher applications are not necessarily as indicative of demand as they might have been before," and have not been translating to higher sales, he said.

29 comments:

Anonymous said...

Soon, there will be NO mortgage money. You can fill out all the applications you want.

Interest rates down, dollar worth less, less buying power, world investment community turns away, confidence GONE. America becomes a turd world entitiy. Nice Picture -eh? At least the illegal aliens will be comfortable, afetr all that's important.

Result, No more credit heroin for the mASSES....

buy BUY, BYE BYE...

Welcome to the Bush-Cheney Depression. Welcome to Hell.

Anonymous said...

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Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.

Call me a troll call me whatever you want, you know it's happening.

Anonymous said...

Anonymous said...
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Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.

Call me a troll call me whatever you want, you know it's happening.

December 12, 2007 2:37 PM

-------------------------------------------Dollar Rockets Higher Versus Yen, Plunges Versus Sterling After Fed Injects Liquidity
27 minutes ago
- The dollar saw a flurry of activity Wednesday morning after the The Federal Reserve surprised market watchers by announcing it will take further steps to relieve the recent credit crunch. The dollar moved lower versus the euro immediately after the 9 am ET announcement.


-----------------------------------------

It's another fed injection shit for brains!
Consumer confidence is gone.

Anonymous said...

Consumer confidence is gone? Hardly. Maybe in the $11 McWorker world where most HPers live. Drive by any high end mall and you'll see plenty of consumer confidence. Same with car dealers.

As for the low dollar, OK so I'll pay $1000 more in gas this year and an extra $1000 in food costs. I made up that $2000 in less than an hour in my investments.

This is where the disconnect between the $11 McWorkers and everyone else is. As a % of my income food, gas, utilities is in the single digits. Those things could double overnight and I'd hardly notice. On the other hand the $11 McWoker would be fucked since as a % of his income it is 50 or 60%. So sure a low dollar will affect him.

It is very telling the kinds of people who post here. Always complaining about gas prices and the dollar. Low class and low income. And the poor grammar doesn't help either.

Anonymous said...

>> If it wasn't so funny it'd be sad.

No Keith, it is sad - actually, tragic.

Can you imagine being a banker, wallstreeter, or economist, and not knowing that the system you rely on (Wall Street, government, Federal Reserve, etc.) are ALL completely fraudulent and corrupt? Put another way, imagine you're about to start your first day as an airline pilot, but the only training you've had is in with a flight sim (via XBox) attached to the TV in your Holiday Inn Express?

MarkIFC said...

ANOTHER NAIL IN THE COFFIN FOR THE HOUSING DOWNTURN IS COMING---

Fannie Mae and Freddie Mac have instituted "credit driven" pricing adjustments as of 1/1/2008. What this means is if you have a credit score under 680 you get stuck with a rate higher than the market rate.
EX. If you have a credit score over 680 the rate today is 5.875%. If your score is 650 you will get 6.50% and if your rate is 619 you will get 7.125%.
This is going to affect a vast number of borrowers. Many will only qualify at a much lower loan amount. Almost every bank now sells to Fannie or Freddie as it is too expensive to "shelve" loans in their own portfolio anywore.

Anonymous said...

"The fed will lower to 0% if needed and once that happens housing will shoot up again."

Whatever, Dude. The Fed could lower to 0% and give me 100K towards a home and I would still be paying too much to live amongst illegals and other undesirables in this overpriced sh*thole called Washington, DC.

Get it through your thick gorilla fu*king boneheaded skull, the only place housing is going is down, BOOYAH!!!

And, with all that excess supply out there and builders continuing to build, it is going to go much lower than 2000 levels, BOOYAH!!!

Say hello to my 50K McMansion, BOOYAH!!!

HAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!

Tangelo mozilo said...

Anonytard 2:37 spewed:

Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.
-----------------------

The Dow will do whatever it will do in the short term.

As for your vague categorization of "housing" as an entity that will "shoot up," if you are talking about SIVs CDOs, bank stocks, and builder stocks, you may be correct insofar as the Fed has kicked the dead cat into the air once again.

If you mean "housing" as in residential real estate prices, then you are mistaken. This dollar devaluation will have no effect whatsoever, either real or nominal on the price of residential real estate. Absent a rise in incomes, no further expansion of credit can possibly stay the ongoing housing crash.

nnj said...

It's funny how anyone, even a 7 year old, could fill out a mortgage application. I guess that would count. But it appears that the desperation from f'd home debtors is reaching critical stage. For some this may be their final stepping stone.

Jeff in Florida said...

I immediatly thought of desperation this morning when I heard the bit about mortgage apps.

Mortgage Applications - Highest since 2005.

Mortgage Approvals - Lowest since 1980

credit surfeit said...

"Higher applications are not necessarily as indicative of demand as they might have been before,"

And within the last few weeks, Fed members have been expressing their puzzlement over why banks weren't borrowing at the discount window. Perhaps the general appetite for credit is starting to wane?

Despite the lack of success at the discount window, this morning they announce "The Alliance": The Fed said that commercial banks would be able to bid at auction for funds that would be drawn from the Temporary Auction Facility. The money would be intended to help cash-strapped banks raise money needed to keep making loans to businesses and consumers.
--cnnmoney.com


Ah, just what the doctor ordered, more borrowed money to loan out that won't be paid back. But when the demand for credit starts to wane, it's game over.

happy homeowner in the stix said...

DJIA up 250 as I write.

Guys, look....stop expecting the market to exactly mirror what is going on in the broader economy. It rarely does. Plenty of times, the market is roaring while the economy sucks sewer water, and vice versa.

And while going down 2 or 3 hundred points makes headlines, it's not that big a deal unless it is a consistent downward trend.

A cheaper dollar is also not always such a bad thing. Ask Boeing if you don't believe me. ;)

Vectorz said...

That's a good point.. if and when the Fed drops the interest rate to ~1% again, how will that affect the real estate market this time around, considering there are no more exotic short term loans? That rate cut does not affect long term loans.

Thoughts?

Andrew Hac said...

Americanos are singing "The Desperado" song.

I love this !!!

Anonymous said...

So we can assume that the fraudsters and housing gamblers are still trying to game the system by joining the multiple mortgage application crowd. After all, very few scam artists are getting punished for their crimes.

My neighbor, for instance, hasn't paid taxes on his two unsuccessful flips, and it was late for the other 2 properties. I hardly believe that he had enough REAL income to be approved for 4 mortgages in 4 different properties in the same year, for over $1 million. How come now he doesn't even have $14,000 to pay property taxes? FBI, hellooooooo?????

Anonymous said...

DOW is up - oops nevermind.

Sincerely,

DOPES

tater said...

Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.

Call me a troll call me whatever you want, you know it's happening.


ummm, you would be in pretty good shape if you had said 40 points. When I last checked, the DJIA was up 42 plus just before the closing bell. Would you like to troll on back over here and change it to 40 INSTEAD of 400 that you was spewing earlier.

Anonymous said...

>> Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.

Looks like your crystal ball is broken. STFU!!!

Anonymous said...

Hey, where did shit for brains go?
How's that dow up 400 going?
Dumbass!

Anonymous said...

Whatever dude. Dow will be up 400 today. The fed will lower to 0% if needed and once that happens housing will shoot up again.

Call me a troll call me whatever you want, you know it's happening.


DOW closed at 41 pts, thanks to PPT. You have less credibility than Bushco. Now go back to polish your crystal ball, financial wizard

Anonymous said...

The truth hurts the donkey party, doesn't it?

CHRISTOPHER J. DODD: CAREER PROFILE (SINCE 1989)
Top Contributors
1 Citigroup Inc $415,600
2 United Technologies $386,650
3 Bear Stearns $354,450
4 SAC Capital Advisors $342,600
5 Goldman Sachs $264,916
6 American International Group $258,938
7 Deloitte & Touche $258,670
8 Greenwich Capital Markets $240,500
9 St Paul Travelers Companies $210,900
10 Morgan Stanley $208,425
11 JP Morgan Chase & Co $203,773
12 Credit Suisse Group $196,550
13 Merrill Lynch $192,350
14 Royal Bank of Scotland $184,050
15 PricewaterhouseCoopers $175,650
16 KPMG LLP $159,590
17 Ernst & Young $145,750
18 Lehman Brothers $140,100
19 General Electric $135,530
20 Hartford Financial Services $132,650


It looks like your precious socialist idols are on the take.

Anonymous said...

Seem to be a lot more trolls lately. Good fun though.

Chris said...

I like the picture of this thread!

Anonymous said...

Hey shit for brains,


U.S. retailers' sales for the first week of December rose at the slowest pace in five years as consumers delayed purchases of holiday gifts


http://www.startribune.com/business/12388761.html

Anonymous said...

"As a % of my income food, gas, utilities is in the single digits. Those things could double overnight and I'd hardly notice. On the other hand the $11 McWoker would be fucked since as a % of his income it is 50 or 60%. So sure a low dollar will affect him.

It is very telling the kinds of people who post here. Always complaining about gas prices and the dollar. Low class and low income. And the poor grammar doesn't help either."

Be sure to buy lots of gold, and canned goods. Stock up on plenty of ammunition, too, and don't forget the guns in that heavily fortified bunker of yours. 'Cause when the riots break out, you're gonna need 'em. You piece of shit.

Anonymous said...

Moron anon 2:37.

I make around 100K and have net worth north 3 million. Own mainly Euro/Asia funds small amount of gold and PUTS. I RENT for 1/2 what it costs to own. Would not buy a house for love or money.

Dollar is toast.

Debt is not wealth.

Even when Greenspam went to 1% 30 yr fixed was 5.50%

The FED is basically powerless ask anyone in the Nasdaq in 2001-2007.

BYE BYE NOW.

Sequoia

Anonymous said...

I make around 100K and have net worth north 3 million. Own mainly Euro/Asia funds small amount of gold and PUTS. I RENT for 1/2 what it costs to own. Would not buy a house for love or money.

--------

Of course you are. Everyone here is loaded. And everyone here also complains when gas is up 1 penny.

You are all a bunch of liars.

Anonymous said...

The Republican Fascists™ are toast! bwahahahaha...

(Bloomberg) -- President George W. Bush has made a strong impression on younger Americans; it's not the one Republicans wanted.

Faster than you can say ``Facebook,'' the under-30 set is moving toward the Democratic Party. That is forcing Republicans to redouble their appeals to these voters, who are heading to the polls in bigger numbers, reversing years of declining participation. The shift may have implications for Republicans beyond 2008.

``Younger voters are critical,'' said Whit Ayres, a Republican pollster who isn't affiliated with any candidate. ``There's a good deal of evidence that partisan inclinations reached when you first go through your formative political years tend to be reasonably stable.''

Forty-four percent of 18-to-29-year-olds consider themselves Democrats, while 23 percent identify with the Republican Party, according to a Bloomberg/Los Angeles Times poll. It wasn't always this way: President Ronald Reagan won 59 percent of the youth vote in his 1984 bid for a second term.

``It cannot help your party if you're a Republican to have had many people come of age in an administration that has so botched so many enterprises,'' said Michael O'Hanlon, director of Opportunity 08, a broad study of the electorate by the Washington-based Brookings Institution.

roidrocket said...

happy homeowner in the stix said...
DJIA up 250 as I write.

Guys, look....stop expecting the market to exactly mirror what is going on in the broader economy. It rarely does. Plenty of times, the market is roaring while the economy sucks sewer water, and vice versa.

And while going down 2 or 3 hundred points makes headlines, it's not that big a deal unless it is a consistent downward trend.

A cheaper dollar is also not always such a bad thing. Ask Boeing if you don't believe me. ;)

December 12, 2007 5:09 PM

What did the dollar do today FUCKTARD. There will be a downward trend ahole. You will bleed from your exit hole soom if you are long this fraud market. Idiot