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Today ( Wednesday) we learned that mortgage applications fell another 4% last week. That certainly doesn't jive with the new home sales that they say rose 18%. How can that be? It's really pretty easy folks. The middle class has no money and can't afford a mortgage any more. They're beaten up. But the rich, who have been gifted by the Fed's with all manner of stock gains are so flush with cash, they are buying new homes like they're going out of style.