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As house prices and over-levered homeowners mark time ahead a “correction” of unknowable depth and breadth, which will bring the Fed and .gov back into the game at levels that make 2009-2015 look like an “under-reach”, the mortgage sector has undergone continual and dramatic GSE, FHA, and private label credit guideline easing, and technological innovation
A couple of fun charts that might give some perspective on the next phase, or cycle. ITEM 1)  Never, have vacancies bottomed out after decline cycle and not risen sharply afterward for years. Why would the past two-year bottoming cycle produce different results?     ITEM 2)  CHART PRESENTED WITH NO COMMENTARY   I suspect
Everybody is banking on millennials to take the housing market to new highs over the next several years. Problem is, in the regions that matter the most to the macro economy and “housing market” statistics, most don’t earn or save enough money to buy houses at historically high prices. The savings problem is easy to
A couple of charts that highlight how disconnected house prices have become from critical end-user, shelter-buyer, employment and income fundamentals in the most populated US cities. People that look at “national” this and that miss the hair in their couscous. In short, I don’t care too much about the superb affordability in economically insignificant regions.

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