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I noted last week an unusual break in the RPData leading mortgage index and it has been born out this week with further sharp falls:
As I noted last week, the seasonal pattern is for the winter dip in activity to level out above the early year dip around Easter. This year it has cracked right through that low and is now tumbling back toward last year’s Spring levels.
This is macroprudential in action, finally. House prices growth is going to decelerate sharply into Spring. Also about bloody time.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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