Seems I know more than a few people (mainly in their 20's, no career, no direction) who got into recruited into lending business in the past year (and then went out and bought a house with the new job too!).
I think the accounting term for what's about to happen is LIFO (last in, first out).
Even crazy easy credit isn't enough to get people to get new loans. Wonder what the industry can come up with for a last call.
U.S. mortgage applications fell to an 11-month low last week on a drop in demand for loans to buy homes, suggesting a slowdown in the housing market, according to industry data Wednesday.
"Housing has passed its peak," said Robert Brusca, chief economist at Fact and Opinion Economics
In addition to falling loan demand, U.S. home builder optimism fell in December to its lowest since April 2003, according to the National Association of Home Builders.
December 22, 2005
Posted by blogger at 12/22/2005