Already down over 50 percent over the past two years to a 28-year low, the number of applications to secure a purchase mortgage loan for an existing home in the U.S., which is a leading indicator, ticked down another 2 percent over the past week and was down 22 percent on a year-over-year basis, , “to their lowest level since 1995,” based on application data from the Mortgage Bankers Association.
At the same time, pending home sales in San Francisco have dropped over 50 percent over the past two years as well.