The average 30-year fixed mortgage rate slips to 7.17% Spread: 266 bps pic.twitter.com/21Pa7mOnnk

CoreLogic chief economist @SelmaHepp: "We are witnessing an important shift in home buying sentiment. This time last year, potential homebuyers had the mentality to get into home buying despite high rates and a lack of homes for sale. With little expectation of interest rates…

Notice how sales tanked long before prices and about 2 years before foreclosures took off. "From 2006 through 2013, approximately eight percent of the owner-occupied housing stock experienced a foreclosure" "The most cost effective policy we consider is a government… pic.twitter.com/HYHxUZPcDR

Pending home sales declined 7.7% compared to last month, and are down 7.4% compared to one year ago. Why does this matter? Pending sales are a forward-looking indicator of home sales based on contract signings. April's data is a sign of weakening demand. Mortgage rates… pic.twitter.com/L94bc7NzcD