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National DigestPublished 08/20/08
7-year low in mortgage applicationsNEW YORK - Mortgage application volume fell last week to its lowest levels in nearly eight years, the Mortgage Bankers Association said today. The fall in application volume is the latest sign of a struggling housing market. Yesterday, a Commerce Department report showed construction of homes and apartments fell in July to the lowest level in more than 17 years. And while fewer new homes are being built, fewer customers also are refinancing existing mortgages. A sharp drop in refinance volume in recent weeks has been the leading driver of declining application...
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