Mortgage loan application volumes to either purchase or refinance a home in the U.S. dropped another 3 percent over the past week, or a combined 1.9 percent on a seasonally adjusted basis, according to the Mortgage Bankers Association.

As such, purchase mortgage activity in the U.S. is back to being down 18 percent on a year-over-year basis, with mortgage application volumes for new home purchases down nearly 30 percent despite over 20 percent more inventory and the most new home inventory on the market since November of 2008.

And as we noted yesterday, there are fewer single-family homes and condos in contract across San Francisco than there were at the same time last year, albeit by only 1 percent at the moment, representing the first year-over-year decline in pending sales locally since June of last year.

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