I was reading CNN money today and they were discussing the MBA index that tracks mortgage application volume.  It had dropped to around 608.5 (down 8.5% from the same week in 2006).

What I found interesting is that the index itself was created by the MBA (Mortgage Bankers Association) in 1990.  The index had an initial starting point of 100 and the though was that this was a great benchmark.

In 2003 the index hit an all-time high of 1300+.

What still blows me away is the fact that todays volume is still six times what it was in 1990 and to me shows that mortgage financing is still strong despite the meltdown and is an industry that is not going to go away.