MBA Data Suggests the Housing Market is Heading for a Double-Dip

Applications for U.S. home mortgages fell last week to their lowest level since January as interest rates pushed higher, an industry group said on Wednesday.

MBA, the Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended April 8. It was the third week of declines in a row and applications were at their lowest level since the week of January 21.

Historically speaking, March, April and May are the spring home purchasing season, when the sales of the houses pick up strongly in the US.

Having said that, this MBA data shows no signs of strength. Rather, it is at the weakest level since January. This suggests that we may be heading for a double-dip recession in the US housing market, economists predict.

Considering the above, if you are trying to sell your house now or in the near future, you'd probably have a very hard time.

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