Foreclosure-Gate Fallout: Mortgage Applications Just Plunged 10.5% Is that the floor collapsing? ? ? ? ? From the Mortgage Bankers Association: ---------- The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week. This weeks results do not include an adjustment for the Columbus Day holiday. The Refinance Index decreased 11.2 percent from the previous week. Read more: http://www.businessinsider.com/mortgage-....0#ixzz12u132Ya4 As I have stated hundreds of times starting years ago, the economic collapse would be a slow motion falling house of cards. To see an index like the one that tracks mortgage applications fall this severely is like seeing a whole bunch of cards fall at one time. Note that the 10.5 percent fall was preceded by an 11.2 percent fall the week before. Everybody is afraid to buy as they have now seen what happens when house values go down. You can lose thousands on a house. In fact, for most home owners you can lose your retirement. Many people would sell their houses to fund their retirements. Now, they can not do so.