Construction boom, flood of new high-end apartments, not enough demand, rising vacancy rates, and the biggest concessions since the Great Recession.
Home-equity-loan balances in Canada per capita are now 3.3 times what they were in the US during HELOC peak before it all collapsed.
Nightmare scenario for the markets? They just shrugged. But homebuyers haven’t done the math yet.
They’re settling in urban centers. In many ZIP codes, they’re already the majority. And they spend their money on rent.
The soothingly low mortgage delinquency rate is a deceptive indicator: the New York Fed weighs in.
Refinancing activity plunges to the lowest level since 2000.
In 9 charts. Red indicates the moves since the inflection point in June.
Rents plunge in Chicago & Honolulu, spiral down in New York, Washington DC, & others, but surge in many markets.
This is not good.
New York condo prices fell again. Historic spikes slow in Seattle and other metros.