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Lending Tree

Mortgage Applications Slipping

From the AP:

Jay Brinkmann, vice president of research and economics at MBA, said the deterioration of home prices has scared people away from buying property. When people are not looking to buy homes, they are not applying to borrow money from mortgage lenders. "When people see the headlines on what's going on with home prices, they say, 'Well, since we don't have to buy right now, maybe we can wait and see,' " he said. Sales of existing homes fell 20 percent in November compared with November 2006, and prices fell 3.3 percent, according to the National Association of Realtors.