After dismal housing starts and permits data yesterday, the 'housing recovery' narrative took another knock this morning as mortgage applications tumbled 4.1% last week - the biggest drop since December 2016.
While mortgage rates were unchanged, both purchases and refis fell notably...
The next crash is coming, and the decision by central banks to paper over their economy's troubles with a massive injection of debt likely means that the next crash is already overdue.
Authored by Irina Slav via OilPrice.com,
When President Trump came into office, he openly resented the major trade deficit with Asia’s number-two economy and vowed to remedy the situation. While his words smacked of economic protectionism to many, the latest news about China-U.S. economic relations reveal a different picture.
For the first time since January 2009, sales of cars declined year-over-year in all three of the world's largest auto markets of Western Europe (-6.8%), China (-1.8%) and the United States (-3.7%). Combined, these three markets account for roughly 70% of the world's auto sales (chart per Bloomberg).
It's been a while since we used this one...
This happened...
And appears to be the straw that broke the complacency camel's back....
Quite a day...