The threat posed by last year's expiring tax exemption for mortgage revenue bonds triggered a storm tide of housing bonds during the first three quarters of 1990; but this year the same threat is just over two months away, and volume is far below 1990 levels.

Through September, housing volume fell $4 billion, or 30%, to $9.5 billion from $13.5 billion during the same period last year, according to Securities Data Co./Bond Buyer.

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