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What the Housing 'Apocalypse' Prophets Aren't Revealing

do the MBA numbers give data on the number of unique applicants? If lending standards are presumably much tighter and those in ARMs are of a lower credit quality, how much of this increase is due to these people having to apply to do 5 or 6 applications to try to get approved (if they get approved at all) instead of doing 2 or 3 apps.