I really did not think it was this bad.
Wells Fargo is typically considered a weathervane.
Hopefully this time is an exception and the other loan originators are seeing something less severe.
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…and as those homes that were purchased during this time of accelerated appreciation…along with RVs, motorcycles, boats and other toys, those that have saved will have a great opportunity to purchase these assets for cents on the dollar. The question is…are you ready?
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Does this have anything to do with home prices not having time to adjust to the mortgage rates?
I have a son in law who is an underwriter and the people he works for have already laid off half the undewriters because the purchase of homes has dropped so much.
A 2008 style housing crash or worse is coming it appears.
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Maybe, but their ESG is doing fine.
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Almost definitely yes,
although I would phrase that “because home prices have not come down much yet.”
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Yeah that ESG means everything to the left. 
Means so much to me i am in the process of moving my accounts to a community non-esg bank.
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I am not going to say you are wrong,
although this time I don’t think it will affect “the rest of the economy” as much
because last time we had
- housing bubble, plus
- adjustable rates, plus
- mis-graded MBS, plus
- triple-insured mortgages
This time we have
- housing bubble, plus
- an already weak/precarious economy
Anyone tracking tent and sleeping bag prices?
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The rapidly rising interest rates (compared to the extremely low rates up till recently) needed to fight inflation (brought on by massive foolish government spending) is what is causing the low home sales now.
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Lack of desire to purchase a home is the exact opposite of 2008.
If the inability to sell results in spikes in foreclosures then that could lead to other issues. I am sure somebody will find a friend of a friend who attests to that next….
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“Now is the winter of our discount tent.” – Red Green, The Red Green Show
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Yeah, I posted something about a year ago that I was starting to see a few RVs around town with for sale signs on them. I think a lot of people that ran out and purchased them are finding out they’re like owning a boat.
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I already have an Adventure Van. It’s time to start Ritz’ing it up a bit on the inside. 
by what metrics?
Among many many others that you have probably been seeing and reading every day
(annualized) Nominal GDP growth appears below
To calculate real GDP subtract ~8% from this years numbers
GDP expanding after two down quarters. Low UE.
Is that weak? I don’t know… Precarious? certainly not.
Don’t get me wrong - we are heading for a slow down IMO. I just don’t buy the ‘this is a terrible economy!’ stuff.
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