Calling all house hunters
Signs of a major slowdown in the real estate market just keeping mounting.
Check out the plunge in mortgage applications by prospective buyers - they were down 35 percent the week of June 4th compared to early May. These are lows not seen in more than a decade - try 1997.
Instead of a temporary cool down after the end of the tax credit, we could be seeing the start of a protracted slump in demand.
That's bad news for sellers, but not so bad necessarily for house hunters hoping to take advantage of this latest shift in our roller coaster real estate market.
In fact, tough times for sellers should mean a shift in leverage back to buyers after the artificially inflated market we saw this spring during the last weeks of the late, great home buyer tax credit.
So buyers, what are you finding out there? Are there deals to be had, or is the market cluttered with overpriced leftovers that didn't sell during the spring, tax-credit fueled frenzy?
Here's your chance to weigh in - and give a reality check to sellers still hoping to get 2005 prices.
