Having dropped to a 28-year low last week, the volume of applications to secure a purchase mortgage loan for a home in the U.S. has since ticked down another 3 percent in the absolute, representing a 6 percent drop on a seasonally adjusted basis, according to data from the Mortgage Bankers Association.

As such, purchase mortgage activity is now down 44 percent on a year-over-year basis and dropping, which shouldn’t catch any plugged-in readers, other than the most obstinate, by surprise.

Closer to home, pending home sales in San Francisco are now down over 40 percent on a year-over-year basis, representing the fewest homes in contract on a seasonally adjusted basis in over six years while inventory is on the rise.

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