Record breaking equity withdrawal... matching 2006.
The current RVAValues.com assessment of the housing market is that we are not in immanent danger of a housing market crash, but that we are laying the foundation for one. With loosening lending standards over the last 5 years, exponential growth in prices, speculation and mortgage fraud on the rise, the following information is consistent with this estimate. In Q2 2021 we reached pre-housing crisis levels of 2006.
Homeowners are depleting their home's cash reserves. As long as everything continues to be fine... everything is fine. However, when the market turns, these combined factors are the catilysts that ensure a sharp and violent downturn instead of a soft correction.