Leading property indicators tighten again

Via CoreLogic, stock on market has fallen right back now:

Mortgage issuance is firm though not tearaway, roughly flat year on year:

Still looks OK for the L-shaped recovery thesis. The biggest worry is stock. Full report.

Houses and Holes

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 fouding 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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