0.7 down and the average rate for a 15 year fixed rate ended at 4.04% also requiring 0.7 point down.

The numbers demonstrate weakness may, in fact, be creeping back into the market as inventory is again climbing slightly and contracts are slowing down. Unemployment numbers crept upward in Thursday's report.  Mortgage lenders are indicating a sharp decline in homebuyer applications with most of the business remaining largely due to refinancing.  The local PPMLS numbers ending June will be out shortly; we are waiting anxiously to see what they look like since this will either support the notion of a double dip or dispute it.  Of course, we hope dispute it!

The annual list of top home builders has been released; nationally, D.R. Horton, ranks number one with just over 18,000 closings.  Thanks to the acquisition of Centex, Pulte ranks number 2.  The big surprise was the first time appearance of Habitat for Humanity in the number 8 slot.  Congratulations to the non-profit working to make affordable housing a reality.  Amazingly, while the for profit builders are off by 20 to 40%, Habitat is only off 3% in terms of contracts.

The discussion about the conversion of Powers Blvd (into an 8-lane freeway) continues with a proposal to the El Paso County of Commissioners from CDOT.  At this point, an environmental assessment must be conducted and funding must be secured.  The most difficult aspect will be to secure the $730 million necessary for construction.