Mortgage leading indicator surges

Via CoreLogic, listings have rebounded but remain very weak:

Mortgages are rebounding strongly:

Though this index does not take account of investor mortgages which remain very weak:

Conditions for price rises are obviously in place. But unless or until investors return I can’t see it all going boom. There’s just not enough income. We need rehypothecation!

I’d guess that investors will remain sidelined until rents stabilise and that will take a resumption of mass immigration.

David Llewellyn-Smith
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  1. Sure there are plenty of reasons to explain low listings but are real estate agents counting 600 units in a tower as just three or four units for sale? I think so. This stuff just doesn’t match with what you see being built.