The Mortgage Bankers Association said today that an index measuring mortgage applications, which are adjusted for seasonal factors, fell 2.4 percent last week from the previous week. Home mortgage applications plunged 5.7 percent to its lowest level since December 1996.
Also, sales of new and previously occupied homes both fell in July. Sales of new homes are on pace to finish the year as the lowest on records dating back to 1963.
The pace of re-sales is shaping up to be the worst in 14 years.
