UPDATE: This is what it sounds like when bubbles pop - again

Long-Feared Mortgage Meltdown Is Here (Update 1)

Presented With Limited Comment: Click here to read full article 

 "The Mortgage Bankers Association projects a decline in mortgage refinancing volume from $1.247 trillion in 2012 to $973 billion (22%) this year, and to plunge to $388 billion (60% further) in 2014 (69% peak to trough). The MBA expects total mortgage loan originations to decline from $1.750 trillion in 2012 to $1.592 trillion (9%) in 2013 and $1.091 trillion (31%) in 2014 (38% Peak to Trough)."

 (percentages added)

 That's the definition of a bubble popping.

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