There’s a little bust underway in mortgage issuance

Monday, 5 July 2021

CoreLogic leading mortgage index is a pretty good way to track what’s coming in ABS owner-occupier data. Suddenly, it ain’t look so crash hot:

The index level is still high but the recent tumble is quite substantial and steep relative to past winter pullbacks. This may reflect lockdowns or just be a part of the natural falling off of activity as prices reach nosebleed levels.

Remember, however, that this is only owner-occupiers so it does not augur any kind of price bust when investors are starting to fill the breach.

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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.