Mortgage Activity Decrease - 2004-02-05
An index measuring the number of applications for home mortgages and refinancings decreased for a second week but stayed close to a five-month high, an industry group report disclosed yesterday.

The Mortgage Bankers Association's index declined 1.5 percent last week, to 855.7 from 868.9 the week before. A measure of applications to buy homes dropped 1.7 percent, to 444 from 451.6. Refinancing also declined.
Read the full story at New York Times

Cautious banks hinder flat purchasers - 2004-02-05
Conservative property valuations by banks are hindering buyers of second-hand flats and could drag down the increase in property prices, analysts say.

When they apply for mortgages, buyers are finding the banks' valuations - usually based on earlier transactions that lag the rising market - do not match the agreed price, meaning they have to either find additional finance or walk away from their deposits.
Read the full story at The Standard