Refis running the show

According to the WSJ Developments blog:

Less than 20% of mortgage applications were for home purchases, for the week ending August 13, the MBA reported. The survey covers more than half of U.S. retail residential mortgage applications.

I can tell from our title company per order income it’s mostly refis, because we make less money overall. It’s good to have, but it’s not good for any of the other sectors related to real estate, especially construction.