Mortgage Applications: lowest in three years

Mortgage applications fell for the first time in four weeks as demand for home purchase loans dropped to the lowest level in nearly three years

The index fell 1.6% to 375.9, its lowest since November 2003. The purchase index, which is considered a timely gauge of U.S. home sales, was substantially below its year-ago level of 470.6.

Subprime lender's stocks:

HR Block: Today 20.30 _____ 1 Year Range: 19.80 - 27.59

Novastar Financial Inc. Today 29.90 _____ 1 year range: 24.08 - 38.49
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