The reality checker

What the Housing 'Apocalypse' Prophets Aren't Revealing

Of coarse the public will refiance untill interest rates fall to Japanese levels, but did you notice the huge drop in refinance and purchase relative to historical rates back in 1998 and 2001. A credit expansion requires the refinance and purchase to be HIGHER than the previous lows in interest rates, the credit cycle is unwinding as expected, you are data mining your work..