Profunds index and sector trading

[otraque]

Bloomberg TV interview Ellen Bitton President of Park Avenue Mortgage--notations from interview.
Mortgage applications dropped 3.3% last week for the third consecutive week,
The mortgage refinancing binge has dried-up, come and gone.
New Homes sales FELL 12% in April, that is that same time new licences to build properties hit an ALLTIME high.
My comment, this seems a classic sign of bubble getting to bust----builders will have put HUGE record breaking supply on the market at the very same time new homes sales dropped.
Bitton regards pricing power saying is still a bit of sellers market but it is weakening.
If that supply/demand shifts this homes market bubble begins to deflate.
And we will have a domino effect through out the entire economy.
The fact the mortgage refinancing binge is finished also shows the immense amount of money this WAS pouring into consumer spending is now gone.