2013-11-26 — financialsense.com
... there has been virtually no pickup in mortgage purchase applications since the cycle bottom was seen in mid-2010. This is in spite of a meaningful recovery in home prices. There has not been a housing cycle in memory that wasn't accompanied by a meaningful increase in mortgage applications. Sheer increase in population alone would support an upward bias to these numbers, but that has been absent over the last three years.
Listening to the mainstream media would lead us to believe this is simply a normal housing recovery. Yet the actual data alone set against historical context would lead us to believe housing is in a recession. Why this dramatic juxtaposition? I believe the answer is very simple. This is not an economic cycle for housing, but rather an investment cycle.
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