Not much to add here that we haven't already said before about the state of demand for housing by the ordinary American.
First it was Wells Fargo:
Then it was JPMorgan:
Then it was Citigroup:
And now, it is Bank of America.
Remember when bank success (and profitability) depended on them lending such trivial things as mortgages so they could arb the Net Interest Margin (which incidentally also tumbled to a record low for Bank of America)? Good times...
In other news, the "housing recovery" is now complete.