• Mortgage lending in the U.S. in 2011 was at its lowest volume since 1995, with banks making 7.1 million loans.
• The number of loans funding purchases rather than refinances was 5% below 2010, which put it 64% below the 2006 peak.
• The report from the Federal Reserve, using data submitted by banks, also showed that lending fell most in areas where foreclosures were high and home prices had gone down most.

From the report:

Mortgage lending continued to drop off last year in the U.S., falling to a 16-year low as the housing market struggled to recover and refinancing activity slowed. ...