This paints a pretty clear picture the market continues to soften. The market certainly is not dead, deals are getting done. However buyers are being very selective and taking their time.
Anecdotal reports from the street from brokers and a few top mortgage bankers have all confirmed businesses is sluggish. One of the top mortgage bankers in New York City put it this way; "We're grinding, however re- finance business is brisk".
We typically see a nice pop in business post Easter holidays. Let's see what the coming weeks bring.
In a nutshell: A good time to be a buyer. A difficult time to be a seller.
Keith
