Microphone recording approximately 12x slower than normal in certain applications (new install Ubuntu 16.04.3)

According to this reply to the corresponding bug report, you should find your audio device (I used audacity and tried both devices listed, see screenshot.)

In my case the command required was

pacmd load-module module-alsa-source device=hw:2,2

After that, recording works when you choose pulse in Audacity.

After restarting Audacity the device you used will no longer be visible

and there will be a duplicate device in Settings > Sounds

Also this fix does not persist a restart. Run this command on login (e.g. using Startup Application if you need, or see the bug reply for another solution.