Online:
Visits:
Stories:
Profile image
By American Kabuki
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

ZEROHEDGE: Mortgage Application Pipeline At America’s Largest Mortgage Lender Drops To Lowest Since Lehman

Tuesday, October 14, 2014 7:01
% of readers think this story is Fact. Add your two cents.

(Before It's News)

B4INREMOTE-aHR0cDovLzMuYnAuYmxvZ3Nwb3QuY29tLy1uZ1FNUmdXbnZZTS9WRDBzVi1adjRZSS9BQUFBQUFBQUkyMC9zcGJEMlhCNF9Gcy9zMTYwMC96ZXJvLWhlZGdlLWRvdC1jb20tcmVkLnBuZw==



Mortgage Application Pipeline At America’s Largest Mortgage Lender Drops To Lowest Since Lehman

Submitted by Tyler Durden on 10/14/2014 09:17 -0400

So much for the much hyped, if quite negligible, second quarter rebound in mortgage activity. After rates tumbled, and continued to tumble, there was some hope that at least the offset to the bond market screaming contraction and deflation (something even stocks have realized in recent days), would be more American’s buying homes, which naturally means applying for mortgages. Well, that dead cat bounce has come and gone. As America’s biggest mortgage lender, Wells Fargo, reported moments ago when it once again magically managed to report EPS and revenues which came right in line with expectations (of $2.11 and $21.2 billion), the US housing picture is once again the worst it has ever been (excluding those days around the Lehman bankruptcy when all of finance died for a few weeks).

Case in point: according to Wells Q3 Earnings Supplement, while Mortgage Applications declined from a transitory one year high of $72 billion in Q2 to $64 billion, this number is going far lower. The reason: Wells’ Morgage Application Pipeline just tumbled back to $25 billion, matching the lowest number since Lehman, and putting an end to any debate about the state of the US housing market.

B4INREMOTE-aHR0cDovLzIuYnAuYmxvZ3Nwb3QuY29tLy1ROEp6SWhXMHAwNC9WRDByNkVaOEpZSS9BQUFBQUFBQUkycy8wbkF6blZfajRtMC9zMTYwMC9XZWxscyUyQlEzJTJCTW9ydGdhZ2UlMkJQaXBlbGluZV8wLmpwZw==

In short: the only people buying houses in the US now are foreigners laundering their illegal, tax-exempt profits (ever fewer) and those as close to the Fed’s ZIRP as possible, and, of course, paying all cash. Everyone else: not so much.



Source: http://americankabuki.blogspot.com/2014/10/zerohedge-mortgage-application-pipeline.html

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.