MBA index tumbles back to lows

Mortgage application volume tumbled from the prior week. For the technical analysts out there, that would be a thud, followed by a meow, followed by another thud. Apparently, application volume had surged the previous week, but then gave back those gains this week to sit close to its lows. So, despite the discount in houses, folks aren't rushing out to buy them. Please see post below and add to my list of things that aren't helping the housing market or banking industry.