Combine the raisins and water in a small saucepan. Bring the mixture to a boil then reduce the heat and simmer, covered, for 1 minute. Remove from the heat and stir in the applesauce. Cool to lukewarm. Sift the flour, baking soda, and spices together into a small bowl and set aside. Cream the butter and sugar in a mixing bowl until light and fluffy, using an electric mixer set on medium. Beat in the egg and vanilla. Add the dry ingredients alternately with the applesauce mixture, into the creamed mixture, beating well after each addition. Stir in the walnuts. Turn the mixture into a greased and waxed paper lined 9 X 5 X 3-inch loaf pan. Bake in a preheated 350 degree F. oven for 1 hour or until a cake tester or wooden pick comes out clean when inserted in the center of the loaf. Cool in the pan for 10 minutes before turning out on a wire rack to finish cooling.