Report: Mortgage Lending Drops to 13-Year Low
The Federal Reserve Bank of New York revealed in a new report on Tuesday that mortgage lending is at its lowest level in 13 years.
At the current rate, 2014 is set to go on record as the weakest year for new loans since 2000.
According to Wall Street Journal blogger Nick Timiraos, “For the year ended in September, mortgage lending has averaged $357 billion per quarter over the prior four quarters, the lowest since the middle of 2001. And unless the fourth quarter is unusually strong – and it usually isn’t, because housing market activity slows in the winter – that will leave 2014 as the worst year for mortgage volumes since 2000.”
Image via flickr/401(k) 2012