Homebuyer demand in the U.S. is as low as it has been since December of 2001. It is clear that the lull is, at least in part, due to plummeting stocks, mortgage rates near their annual highs, and lenders demanding exorbitant down-payments. The Mortgage Bankers Association’s mortgage application index backslid more than 16.5 percent last week, reflecting a population in decision-making limbo; most people do not feel that the time is right to invest in a new home, and for the moment, experts feel that they are probably correct. It has been estimated that one out of every six homeowners currently owe more on their mortage than the overall worth of their homes.
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