Mortgage application defects keep rising

Mortgage application defects keep rising

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Economist claims US housing demand is cooling

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First, "bank-wide real estate credit has turned down again," said David Rosenberg, an economist for Gluskin Sheff.

Second, Rosenberg points out mortgage applications fell 1.3% in the week ending April 5th, and have "stagnated over the past six months." The year-over-year mortgage applications rate which was at 16% pace in January has tumbled to 3%, writes Business Insider.

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