Presented with little comment.. because realistically what is there to say about a so-called ‘housing recovery’ when the volume of applications for home purchases is the lowest since August 1995. Keep believing that lower rates will support home prices… keep believing the Fed’s QE worked… or face facts, this is not your mother’s housing market any more…

The Recovery…
20141029_MBA1_0 (1)

The long-term…
20141029_MBA3_0

The transmission channel is officially broken…
20141029_MBA2_0

Charts: Bloomberg

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