October Mortgage Purchase Applications Collapse To Decade Lows

Applications for mortgages for the purchase of a home plunged at nearly the fastest pace in 9 months this week, dropping to their lowest since the Christmas week 2012 - and lowest since February 2012. Now down over 20% from their May highs, the plunge is a problem - since as BofA's CEO noted earlier:

*MOYNIHAN SAYS HOME PURCHASES, NOT REFI, BOOST THE ECONOMY

So just another indicator that all is not well in the 'economy'.

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