The Sky is Falling! Onto the Moon!

Paul Kedrosky, whose blog I love to read, lends credence to a misleading MSNBC article "Mortgage Application Volume Plummets" by pointing to it. See below, a graph of the stat that "plummeted," through 2/15/2008.

I mean, there's something wacky going on with that volatility, but it's not a disappearance of mortgage applications. Looks to me like there's a lot of opportunistic demand.

Data from the Mortgage Bankers Association.