"Booming Economy?" Maybe For The Upper 1%
The REAL data show the REAL economy hit a wall…
The economy is melting down – the only support for the Propaganda Narrative of a “booming economy” is a rising stock market. Without a doubt Trump has ordered the Working Group on Financial Markets – AKA “the Plunge Protection Team” – to push stocks higher for now so insiders can unload.
The huge jump in credit card debt reported yesterday by the Fed was received as “good news” for consumer spending. However, this is typical technical color vomit served up through the mainstream financial media by Establishment “economists” and Wall Street. The likely explanation is that the average consumer is now forced to use revolving credit in order to maintain the current lifestyle. This assertion is reinforced by the fact that the latest data from Transunion show that personal loans hit a record high in Q1 2018.
The homebuilder sector is in trouble. A Colorado-based credit union is now offering 0-percent down payment mortgages. Credit Union of Colorado will underwrite the 3% down payment FNM/FRE mortgage product and it will cover the remaining 3% of a home’s cost by giving the “buyer” an interest-free loan that is repayable at a future date or through a refinancing. The bank is charging 0.375% more for the mortgage than the rate for a 3% down payment conforming mortgage. The bank is betting the value of these homes will rise enough to cover the 3% down payment loan through a refinancing. This is a de facto zero-down payment mortgage sponsored by the Government.
I am certain that this product reflects the fact that banks are getting desperate for mortgage fees because the pool of borrowers who can qualify for FNM/FRE/FHA loans has dried up. The economy hit a wall in the last month or two and it’s going to crush the housing market. By the end of the summer it will be impossible for the NAR and the media puppets to blame low sales on low inventory.
TO READ THE REST GO HERE: INVESTMENT RESEARCH DYNAMICS
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