Spend a week reading the housing market headlines and you'll come away sure the floor is about to give out. Turmoil, rates, buyers on strike, a correction waiting in the wings.
While national debt and rates are rising, over decades of resolving distressed real estate, I'm seeing a whole set of these currents start to converge.
I've spent decades buying paper on distressed real estate, and the most dangerous file is the one that looks fine. Private credit is sitting in that exact spot right now.
From the outside the housing market reads calm. Sit with the underlying data long enough, though, and a foreclosure wave starts to take shape beneath it.
