![]() ![]() If house equity falls more, they’re toast. All their monthly goes for interest with no debt being retired, and many have extended amortizations to survive. A third of its $365 billion mortgage portfolio is made up of people with variable-rate mortgages, many of whom hit their trigger rates. The banks have been signaling some trouble coming, RBC (the biggest of the big) said a few days ago its mortgage originations collapsed 40% in the last few months. They argue the impact of higher interest rates has not really been felt yet, housing will soon crumble again and GDP will circle the drain. Lots of people who crave change – mostly political change – hate hearing real estate sales are rising again, inflation is stalling or that economic growth picked up in January after the briefest of dips. In recent posts this pathetic blog challenged the doomer narrative with stats showing better days may be upon us. ![]()
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