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

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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.

See also  Evergrande's collapse has begun. The firm just entered technical default. by itself Evergrande is likely to default on more debt in value than the ENTIRETY of all assets that imploded during the entirety of the US subprime crisis.

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

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