While refinancing has increased, as those on adjustable rate loans convert to fixed-loans, new home sales continue their decline. Overall, mortgage applications are down for the fourth week in a row and have now reached their lowest point since May, 2002 (more).

Once again; however, this shouldn't be taken as proof that the U.S. housing market has collapsed. Winter is always a slow time for real estate. The next couple of months, on the other hand, will help determine the real strength of the U.S. real estate market.