The insane housing bubbles blown by 14 years of central bank “emergency measures” are starting to burst. Watch “The Big Short” this weekend, apes, if you want to see how this is going to play out. The wipeout of fictitious “wealth” created by the tsunami of central bank funny money is going to be epic. Got popcorn?
The Reserve Bank of New Zealand (RBNZ) has released data on mortgage finance commitments, which shows that buyer demand is collapsing fast.
In April 2022, only 13,939 mortgages were issued, which is the third lowest monthly total since the RBNZ began producing this series in 2014.
In dollar terms, mortgage commitments collapsed 30% in the year to April 2022 – a sharp turnaround from the 128% annual growth recorded in May 2021: