Housing Is Extremely Overpriced And It’s Now Just Starting Its 2nd Major Collapse

via @OccupyWisdom :

🏠 US #mortgage applications decreased to lowest in 2.5 years

🏠 US mortgage applications for refinancing are at lowest in 17.5 years

🏠 Share of refinancing smallest share since August 2008

🏠 US resales -.06% housing starts -12.3% new homes -5.3%

#housingbubble 2.0

 

Deader Than Dead: as Mortgage Rates Rise, Refinancings Hit 18-Year Low

Nobody is left to refinance at this point. Homeowners had a solid decade to refi at as close to 0% as the market had ever been, so it’s entirely sensible that the refi market is closed. What’s a desperate mortgage broker to do? It’s hard out there selling bubble-priced houses to bad credit risks.

Consumer Debt Hits Record $3.87 Trillion; Could the Debt-Based House of Cards Be Close to Collapse?

Total consumer debt rose by $176 billion in Q2, a 4.8% year-on-year increase. That pushed total debt to a record $3.87 trillion. These figures include credit card debt, student loans and auto loans, but do not factor in mortgage debt.

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