Hello HODLers,
This was a news in my Daily Morning Article, I am really looking at it as it is a BIG indicator for the overall economy's health.
People not paying their mortgages show that they are having financial issues and therefore
“Another 723,000 homeowners became past due on their mortgages in May, pushing the national delinquency rate to its highest level in 8.5 years,” says Black Knight data
This is still manageable and we need to see June's numbers which are the "real ones" in my opinion. They will show if people are getting hired-back and more optimistic about their future.
I have ALWAYS linked CryptoMarkets to Financial Markets and they seem to go hand by hand lately.
Therefore, Credit defaults, Frauds (such as Wirecard), COVID19 Trends and Consumer Confidence are indicators that I am looking at.
Another metric to look at is: existing-home sales
The National Association of Realtors explained on Monday that “existing-home sales occurred at a seasonally adjusted annual pace of 3.91 million,” which is the lowest in over a decade. Sales that stem from pre-owned houses dipped by 9.7% in May.
Therefore, I remain in my Wait & See Mood and will take a decision by week-end whether to go long again, neutral or even short.
Stay safe and Take care.
Sources:
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If people cannot afford to pay their morgage credits, then we may witness similar situation as in 2008. For now, the centeral banks try hard to provide stability for the economies. However, once we see a blast in any aspects of the economies, that will trigger the rest for a collapse 😑