What Housing Recovery?

Mandelman Matters reports:

Essentially, in January, we had the exact number of same number of mortgage purchase applications as we did in 1992. The difference between today and 1992, however, is that the U.S. population has added 54 MILLION PEOPLE since 1992… and I’m no expert, but I would think that with 54 million more people hanging around, a few more homes would be selling.

Ouch.