CoreLogic leading mortgage index tumbles

Monday, 24 April 2017

This is no longer a seasonal fall:

Indeed, it is now materially below the comparable week in 2016 (which had already turned and was climbing) on macroprudential 2.0, which was itself down hard from 2015 on macroprudential 1.0. At the very least this is confirmation that recent tightening has blown the froth right off the mortgage market.

Whether that leads directly to falling property prices is more complicated in the era of shrinkflation. Listing are also tumbling further than last year:

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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.