CoreLogic leading mortgage index sinks again

Monday 1 May 2017

From CoreLogic, the leading mortgage index sank again last week to roughly 121 versus 135 the same week last year:

This is now a year on year correction of approximately the same magnitude as that that befell the index after the first round of macroprudential. That was enough to drive house price growth to zero before the RBA cut rates again.

However, the leading listings index is also falling even faster than it did following the first round of macroprudential:

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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.