• Total U.S. home loans outstanding grew by $19 billion, 0.19 percent to $10.008 trillion -- that’s the first time over $10 trillion since 2011.
  • With a growth rate like that, a bubble is impossible.

Take two things for certain. First, there’s never been nor ever will be a housing bubble without a corresponding bubble in mortgage credit. Second, no matter who may yap about credit being too easy (usually complainers about the federal role in mortgages), stick with the Fed’s quarterly accounting of U.S. financial flows, Z-1.

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