Nov 08

Mortgage Demand Falls After Sandy

Mortgage Demand Falls After Sandy

Mortgage Demand Falls After Sandy

Mortgage Demand Falls After Sandy

Applications for home loans purchases and refinancing dropped 5 percent last week as tropical storm Sandy ravaged the East Coast and disrupted normal business activity, the Mortgage Bankers Association reported Wednesday.

Due to the severe storms, mortgage application demand posted the big falls in New Jersey, where applications fell 60 percent last week. In New York, mortgage demand dropped nearly 50 percent, and nearly 40 percent in Connecticut.

The storm had “a significant impact on application volumes in the East,” says Mike Fratantoni, MBA’s vice president of research and economics.

Meanwhile, other states in other parts of the country continue to show gains in mortgage demand last week, Fratantoni said.

Source: “U.S. Mortgage Applications Down as Sandy Hit Northeast,” Reuters (Nov. 7, 2012)

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