Housing market remains weak


The talk of a bottom in the housing market seems to be just that ... talk.

Mortgage applications fell to a seven-month low for the week ended June 26, according to data from the Mortgage Bankers Association.

The Market Composite index, which measures applications for new mortgages and the refinancing of existing loans, plunged 19 percent to 444.8. On an unadjusted basis, the index fell 18.5 percent compared with the previous week and 7.4 percent year-over-year.