The price appreciation experienced in the housing market during the mid-2000s was characterized by a surge in demand driven by wider access to mortgage financing. Price appreciation in today’s housing market is characterized by a shortage of supply. The supply of homes on the market remains extremely low, and the homes that hit the market sell very quickly– an indication that demand is outpacing supply.
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With earnings from three of the four biggest banks in, one metric stands in sharp relief. Mortgage lending just keeps plunging.