CoreLogic leading mortgage index cracks lower

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If the CoreLogic leading mortgage index is to be trusted then it’s aaawn or, more to the point, off:

This time last year, the index was at 135 and accelerating. It is now at roughly 115 and tanking. The 20 point year on year fall is now bigger than the impact we saw from the first round of macroprudential which took house price growth close to zero.

We need to see more evidence but this is solid proof that credit is slowing fast and prices are next.

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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.