"Prices continue to erode on a national level, and with therest of the economy not doing well either and the jobless rateconstantly increasing, we don't see a recovery in housing on anational level coming soon," Kevin Marshall, president of ClearCapital, based in Truckee, California, said this week. Home prices on a national level have tumbled more than 32percent from the peak three years ago, according to Standard &Poor's/Case-Shiller indexes. Those homes will add to thealready large supply of unsold properties and will keeppressuring prices. But borrowers will foreclose in record numbers at least foranother year, several industry sources, including the MortgageBankers Association, predict. First-time buyers taking advantage of new tax credits andinvestors snapping up foreclosed properties at distressedlevels have in recent months buttressed the hardest-hit housingmarket since the Great Depression. jobs cut in May was the lowest levelsince September, but the unemployment rate rose to 9.4 percent,the highest since July 1983.
"Employment is still bad, wages are still low, interestrates are up That's going to hurt the housing market," saidGoldman The number of U.S. The swift percentage point rise in mortgage rates cuts thepurchasing power of a borrower by about 10 percent, heestimated. "I'm not optimistic for 2009 or 2010," Mark Goldman, realestate lecturer at San Diego State University and mortgagebroker, said on Tuesday. Demand for loans to buy homes was little changed last week,rising 1.1 percent to 270.7, having basically been stuck inneutral throughout the important spring sales season. Purchasers have been slower to act in the current housingmarket, with some waiting in hopes that prices will fallfurther and others paralyzed by unemployment or wage cuts. As recently as April, refinancings accountedfor almost 80 percent of all home loan applications.
The refinancing index slumped 11.8 percent to a nearlyseven-month low of 2,605.7 last week, and refinancing accountedfor about 59 percent of all applications, the lowest sharesince November. The Mortgage Bankers Association's seasonally adjustedindex of total applications dropped 7.2 percent to a four-monthlow of 611.0 in the latest week. The vast majority of mortgage activity this year has beenfrom homeowners cutting costs with new loans at rock-bottomrates. That wasnearly a full point above the record low rate of 4.61 percentin March, the trade group said.
The average 30-year fixed mortgage rate jumped 0.32percentage point in the June 5 week to 5.57 percent. Borrowing costs have soared as bond yields have risen, evenas the Federal Reserve has sopped up hundreds of billions ofdollars in bonds to keep rates low and stimulate the housingmarket. mortgagerates drove down total home loan applications last week asdemand for refinancing shriveled to the lowest level sinceNovember, the Mortgage Bankers Association said on Wednesday. (Repeats to additional subscribers with no change to headlinesor text) Bonds By Lynn Adler NEW YORK, June 10 (Reuters) - A spike in U.S.
Reuters has not verified thesestories and does not vouch for their accuracy. June 10 (Reuters) - The following are top stories fromselected Canadian newspapers. The company undertakes no obligation to update or revise anyforward-looking statements.Company and Business Development Contacts:Oramed PharmaceuticalsTara HornOffice: +972-2-566-0001Email: SOURCEOramed Pharmaceuticals Inc.Company and Business Development Contacts: Oramed Pharmaceuticals, Tara Horn,Office: +972-2-566-0001, Email: . Please refer to the company's filings with theSecurities and Exchange Commission for a comprehensive list of risk factorsthat could cause actual results, performance or achievements of the companyto differ materially from those expressed or implied in such forward lookingstatements. Established in 2006, Oramed's technology is based onover 25 years of research by top research scientists at Jerusalem's HadassahMedical Center.