The Mortgage Bankers Association said today that its Mortgage Application Index fell 6.5 percent in the week ended February 25.
The MBA's seasonally adjusted index of refinancing applications decreased 6.5 percent, while the gauge of loan requests for home purchases was down 6.1 percent.
Some economists suggest that this is because of the surging oil prices. Now that the NY oil future prices are more than $100 per barrel, people are spending more at the pump. Therefore, they don't want to get into a big purchase like a home now.
Since the Middle Eastern and North-African conditions including Libya, are getting worse, it is likely that we will see $150-200/barrel oil prices soon. That would cause a huge damage to US housing market. That would make selling a house in our local Brooklyn market even harder.
However, if you find yourself in a situation where you need to sell your house right now, there is always a way. You can sell your house to cash investors.
As local investors in Brooklyn NY, we have provided fast solutions to many New Yorkers facing real estate "Challenges."
For more info, please visit our website at WeBuyHousesBrooklyn4Cash.com
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