U.S. Mortgage Market Thuds
Mortgage applications to buy a house just COLLAPSED by 41% YoY. Down to the lowest level in 28 Years. Even worse than the mortgage crash that occurred in 2008. Areas hit hard so far include North Carolina, Arizona and Nevada.
The end result: Look for a larger collapse of the home sales market, precipitating a deeper recession later in 2023. Here’s the scuttlebutt from Reventure Consulting.