One Central Bank Is NOT Like The Others (Fed Erupts With Asset Purchases, M2 Money Grows At 24.9% YoY)

Yes, there are many central banks around the globe. But the US Federal Reserve is leading the way with a staggering 24.9% YoY growth in M2 Money Stock. M2 growth barely exceeded 10% during the US financial crisis and Great Recession.

In terms of Treasury holdings, the Fed is beating all other major central banks.

Rebound! Mortgage Purchase Applications Rise 5.34% In Latest Report As Rocket Mortgage Files To Go Public

The latest report from the Mortgage Bankers Association released this morning shows that mortgage purchase applications rose 5.34% from the preceding week on a seasonally adjusted basis.

You can see that mortgage purchase applications rebounded from the Covid-19 dip as housing prices continue to rise. What makes this post-financial crisis rise in mortgage purchase applications interesting is the decline in the level of sub-660 FICO score originations.

Of particular note in the mortgage industry is the announcement that Quicken Loans (aka, Rocket Mortgage) will be going public.

(Bloomberg) —┬áRocket Companies Inc., the parent company of the mortgage giant founded by billionaire┬áDan Gilbert, filed for an initial public offering, disclosing an annual profit for the past three years.

Here is Dan Gilbert in happier times with forward LeBron James and an aging point guard Warren Buffett.

V-Shaped Recovery? US Pending Home Sales Rise 44.3% MoM in May, But Decline -10.4% YoY

According to the National Association of Realtors, pending US home sales rose 44.3% MoM in May.

The looks like a big V-shaped recovery to me.

Although YoY pending home sales declined -10.4%, it is a massive improvement over April’s -34.6% YoY reading.

Consumer sentiment looks similar to pending home sales YoY.

Could this be households escaping big cities? Just in time of the start of fall classes!