Mortgage applications highest since mid-2003 (AP)

Christmas decorations are displayed at a department store in Chicago, Illinois on December 18, 2008. As the US economy continues to shed jobs at an alarming rate and more people lose their homes to foreclosure amid a housing crisis, a job and a place to live are getting harder and harder to find.(AFP/Nicholas Kamm)AP – Mortgage applications spiked last week to their highest level in more than five years, as borrowers took advantage of rates that fell to near-record lows after the government pledged to funnel money into the mortgage market.

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