The Real Deal Miami

Mortgage applications plunge

November 13, 2009 12:28PM

The Mortgage Bankers Association said applications for home loans dropped last week to a nearly nine-year low. The association said the uncertainty over the federal housing tax credit, which last week was extended into April, curtailed new mortgage applications. Michael Larson, a housing analyst at Weiss Research in Jupiter, said now that Congress has extended and expanded the credit, demand should pick back up. [Miami Herald]