I am writing this from an insider view of the mortgage market.  The majority of the homeowners do not realize that the market is not just simply slipping due to economic reasons.  The mortgage industry on a whole has taken some bad hits from big timers like Ameriquest that just about went bankrupt.  Home123 that did go bankrupt this year and many countless others that have abandoned ship.  The reason I mention them is due in fact to the sub-prime market.  Okay those with good credit scores of 645+ this does not apply.  Sub-prime was the largest of the refinancing trend and when that fell everyone else in the industry tightened up procedures.  So basically the subprime industry fell on it's face and not many companies left on the list want to lend to a credit risk, there I said it.  Yes most Americans are in debt and have the credit scores to prove it.

The trend does not only carry over to the home owner but also those who make a living out of selling or buying mortgage leads.  Since refinancing your home was once popular due to the low interest rates and because it now has taken a turn higher, not much higher but enough to send most homeowners into hiding.  Don't forgot that most of those homeowners are investors in such places as Florida, California, and just about every New England state.  In my opinion and research once the investor took on water then the rest of America followed.