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%
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.
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.