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10 Bumps

Is this what Hope, Change, and Democratic Stimulation gets America?

Demand for loans to purchase U.S. homes sank to a 13-year low last week, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday.
Requests for loans to buy homes dropped 3.1 percent in the week ended July 9, after adjusting for the Independence Day holiday, to the lowest level since December 1996, the industry group said.
Refinancing applications fell 2.9 percent, and the mortgage market index that reflects total loan demand also fell 2.9 percent.


Asked by grlygrlz2 at 1:59 PM on Jul. 15, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
This question is closed.
Answers (55)
  • Grly, I read this morning that home values are supposed to drop another 6% this year. With that and foreclosures doubling, it doesn't appear we are anywhere near out of the woods.

    I agree, the stimulus has been a huge failure. I wonder how many failures we will see in the next couple of years.

    As for banding together and fixing it, how do you propose we do that? Any clear-cut ideas? Because what I've seen coming out of Washington just won't do it.

    Answer by mancosmomma at 2:13 PM on Jul. 15, 2010

  • I'm republican, but I don't blame all this nonsense on the democrats.'s everyone's fault and EVERYONE'S PROBLEM. Let's not play the blame game...instead we should band together and FIX IT!!!!!

    Answer by CAGirl4 at 2:01 PM on Jul. 15, 2010

  • As for banding together and fixing it, how do you propose we do that? Any clear-cut ideas? Because what I've seen coming out of Washington just won't do it.

    THAT'S what I want to know too?! How does pointing out the shortcomings of a President (and not "banding" together) affect is ability to lead and make changes that actually BENEFIT the citizens of this country?! Does my disliking the President somehow affect his intelligence or that of those in charge?!

    Let's just say (hypothetically speaking!) that all of us agreed that it's not the fault of the Obama what?! Does the problem magically correct itself?! All I can do is continue to vote for those who claim to be fiscal conservatives and hope they will keep their word, banding together, would mean those who DON'T vote for the fiscal conservatives, start doing so!!! Then MAYBE we can fix the problem!!

    Answer by LoriKeet at 2:37 PM on Jul. 15, 2010

  • Inflation, under the Obama Administration has been REDEFINED!! The GDP (like the First Time Homebuyer and Cash for Clunkers programs) has been ARTIFICIALLY INFLATED or propped up by including all of the SPENDING Congress has done over the past 16 months!!

    It's like saying your personal finances are better because you are running up your credit card!


    Answer by LoriKeet at 2:46 PM on Jul. 15, 2010

  • But on the flip side, unemployment was at a 2yr low today as well.

    Is that accounting for the millions of people who had their benefits cut off by congress?

    Answer by NotPanicking at 3:39 PM on Jul. 15, 2010

  • Guess what, the jobs they created were counted towards the stimulus... EVERY one of them.. While the jobs lost were not... That's the fuzzy political math I am sick OF! *** If you were ALREADY employed by a company or organization that received stimulus money, your job was counted as "saved or created" even if your job was not in jeopardy! Fuzzy math is right! How many ways can they spin this crap?! Zero, multiplied or divided, by zero, no matter how you slice it is still ZERO!!


    Answer by LoriKeet at 2:51 PM on Jul. 15, 2010

  • But on the flip side, unemployment was at a 2yr low today as well. It is six of one, half a dozen of another.

    I'm going to venture out on a limb and ask is that NEW applications for unemployment benefits, or is it because people's unemployment has run out, they've given up, and are no longer trying?!

    Do you see how a headline can be twisted to make it LOOK as if things are on the upswing?! You have to look at the big picture!

    Answer by LoriKeet at 2:53 PM on Jul. 15, 2010

  • Talk about positive energy!!! And 2 1/2 years to go!! (sarcasm)

    "Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, "there's no possibility to restore 8 million jobs lost in the Great Recession."

    So that's it?!  They're just gonna throw in the towel? "Hey, we tried?!" 

    slapping forehead


    Answer by LoriKeet at 2:59 PM on Jul. 15, 2010

  • WHo wants to sell their home at a loss and apply for a mortgage on a new home? I dont't. THIS IS the reason. The Foreclosures since 2008 have lowered ALL home prices by at least 25%. If anyone wants to get the equity out of their home sale, it won't be much and then they won't have a big enough downpayment for their next home. THAT is why people are staying put and there are fewer sales and fewer applications for mortgages. PLUS, Mortgage companies are getting more strict about their rules...the Debt to Earnings ratio once again decides who can obtain a mortgage. can you blame it on the "Hope and Change" Obama administration? I guess you can TRY, but it doesn't make any sense.

    Answer by gertie41 at 2:11 PM on Jul. 15, 2010

  • oh, we don't count jobs lost, just gained. Losses make the Hill look bad. It's VSA (very special accounting)

    Answer by lovinangels at 2:38 PM on Jul. 15, 2010