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Home-buying Loan Applications at 13-year Low After Tax Credit Expires

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What did they think was going to happen?

The Mortgage Bankers Association said applications for mortgages to purchase a home fell by 43% on an annual basis, for the week ended July 9. reports:

"Much of the slowdown has come since the April 30 expiration of homebuyer tax credit. Homebuyers had until that deadline to sign contracts. Congress extended the deadline to close deals to Sept. 30.

The government's latest reading on new home sales plummeted to a record low in May, thanks largely to the expiration of the tax credit."


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