Flashback: Prices The Only Thing Still Headed Up
Mortgage data isn't free, so from time to time it helps when a company like Countrywide Financial has to restate an older quarter, like this one ended June 30,2004.
"Industry-wide, residential mortgage originations were approximately $800 billion during the second quarter of 2004, down from approximately $1,075 billion in the second quarter of 2003."
In the US, total mortgage production for 2003 was a trillion dollars higher than 2004. But if you asked most people they would say the market has never been hotter than now. That's how mind-numbing the hype can be.
Let's look at the plunging prime originations at CFC in the quarter ended June 30, and the fall-back on new 'products'.
2003 in $millions
2004 in $millions