Taps Coogan – November 7th, 2020

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Despite hot demand in certain rural and suburban ‘refuge’ real-estate markets, and despite massive increases in bank reserves thanks to QE-Infinity, overall bank mortgage lending growth has slowed to its lowest level since 2014.

Real Estate Loans, Year over Year

Mortgage lending is the largest source of non-government debt in the economy and a slowdown in its growth points to a major headwind for lenders who are ominously tightening standards and still pulling in the oars, all of which will be used to justify… even more QE for longer.

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