Google searches for “mortgage applications” plunged to a 5 year low in December.
According to researchers at the NY Fed, “Recent academic research finds that Internet search data can forecast the content of some economic data releases.”
Since the Mortgage Bankers Association has sent me a cease and desist letter threatening to sue me if I continue to report their data, this seems like a good proxy.
Based on the 3 search terms I used, shown above, the much ballyhooed housing recovery… ain’t.
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