From Leonard Kiefer... Heatmap showing how mortgage refinances are bringing the heat.
Overheated? Maybe not. The market hasn’t been this robust since 2012-13 with six intervening years of robust HPI growth. Also the peaks this time around are measurably lower than that last refi tsunami. In both instances, sizable portions of homeowners remain on the sidelines, due to underwater (in equity) last time, employment distress this time.
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