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DJ-BTMU U.S. Business Barometer decreased by 0.3%
For the week ending October 24, 2009, the DJ-BTMU U.S. Business Barometer gave up the prior week’s gain, falling -0.3 percent, its first drop in five weeks. A decline in mortgage applications, which has persisted for three consecutive weeks, contributed to the barometer’s decline in the latest week. Home buying activity appears to have slowed in anticipation of the expiration of the first-time home buyer’s tax credit, which will sunset at the end of November. While it is largely expected that Congress will extend the credit, currently a closing must take place prior to the end of November to qualify, which means the bidding and contract process would have already needed to be underway by the end of September.
Posted: November 5, 2009 Thursday 10:00 AM