Found via - a report by T2 Partners

Non-Agency Mortgage Issuance

Subprime 2/07: $28.5B
Subprime 2/08: $0.0B

Alt-A 2/07: $36.5B
Alt-A 2/08: $0.4B

Jumbo 2/07: $16.3B
Jumbo 2/08: $1.9B

Even disregarding the % drop part, a single month snapshot is showing a $79B drop in mortgage issuance in 3 previously key sectors of the mortgage market.

Given that these type loans were over half of all loans issued in CA in 2007, for example, it does not bode well for the market.

Annualized - this is nearly a trillion dollars of mortgages: $948B no longer funding house purchases.

Other data of note:

10.2% of all homes built since April 2000 are vacant.