Mortgage refinancing applications are down 75% from May of last year. No more increase in disposable income. BULLISH!!!!

Mortgage applications to purchase a home are DOWN 19% over last year. Did you read that correctly? The National Association of Realtors and the captured MSM keep telling you we are in the midst of a housing recovery. How can it be a housing recovery when mortgage applications are down 19% over last year????

It can’t. The housing market recovery was a sham and a swindle. It has rolled over and is going down fast. Look at the chart. Mortgage applications to buy a house are at 20 year lows. BULLISH!!!!

WASHINGTON, D.C. (April 9, 2014) — Mortgage applications decreased 1.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage ApplicationsSurvey for the week ending April 4, 2014.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 1 percent compared with the previous week.  The Refinance Index decreased 5 percent from the previous week and is at its lowest level since the end of 2013.