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Craig Greene: Housing Market Index Falls Five Points

Refinancing applications jump 21.1 percent, to the highest level in a year

The National Association of Home Builders/Wells Fargo housing market index fell five points in June to 17. Economists had anticipated a reading of 21.

The five-point drop was the largest since November 2008. An index reading below 50 indicates negative sentiment about the housing market.

The Mortgage Bankers Association said its seasonally adjusted composite index of mortgage applications for the week ending June 11 increased 17.7 percent. Refinancing applications jumped 21.1 percent to the highest level in a year. Purchase volume rose 7.3 percent, the first increase in six weeks.

The combined construction of new single-family homes and apartments in May fell 10 percent to a seasonally adjusted annual rate of 593,000 units.

Applications for new building permits, seen as an indicator of future activity, fell 5.9 percent to an annual rate of 574,000 units.

Craig Greene is a senior loan officer at Prospect Mortgage, 3916 State St., Suite 100, Santa Barbara 93105. He can be reached at .(JavaScript must be enabled to view this email address) or 805.898.4211.

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