This stimulus economy is producing the weirdest effects.
But consumers again paid down their credit cards; let’s be honest, that’s abuse of stimulus.
Stimulus and bailouts had a huge impact, for those that got them, and for those that didn’t.
Income sags from eerie stimulus-spike. But consumers hadn’t spent all their stimulus & unemployment money, instead paid down credit cards & padded bank accounts. Now they’re drawing on them.
Not a sign of strength, but of big economic distortions.
Atlanta metro: 53,000 FHA mortgages are delinquent. Houston metro, 47,000. Just FHA, not including other delinquent mortgages. And when forbearance ends? By metro.
In the bizarre machinery of an economy that depends on consumer spending funded by stimulus and “extend and pretend.”