Last week the MBA mortgage index fell by 10%. This week we find out that it is down another 1.2%. Although not as bad as last week, the number overall is still pretty bad. So, altogether over the past 2 weeks the MBA mortgage index is down a total of 11.2%. Not the worst number in the world but what gets me is that this number was completely ignored by both Bloomberg TV and CNBC’s squawk box. As this number has had the potential to move markets in the past due to it being an indication of how the economy is doing, it boggles the mind that it has been as underreported as it has been so far.
http://www.reuters.com/article/2011/11/23/us-usa-economy-mortgages-idUSTRE7AM0WX20111123
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