Mortgage Purchase Activity Declines

Mortgage purchase activities continue to be stuck at dismal levels, declining from last month. The index has plummeted since the end of the home buyer tax credit.

Yesterday's housing starts and building permits show the same trend. They are approaching the lows reached in early 2009.

Some bulls are claiming that housing market is stabilizing. Well, if being stuck at historical low levels qualifies as stabilizing, then they are right.