WAIT, I THOUGHT THE HOUSING “RECOVERY” WAS SUPPOSED TO LAST UNTIL THE ELECTION: Mortgage Applications Slump. “Applications for U.S. home mortgages fell sharply last week, registering the biggest percentage decline in a year as demand for both purchase loans and refinancings tumbled, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell by 12 percent in the week ended Oct. 19. The seasonally adjusted purchase index, which measures loan requests for home purchases, fell 8.3 percent over the previous week. Demand for purchase loans is a leading indicator of home sales.”

How’s that hopey-changey stuff workin’ out for ya?