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Recession Watch: Cars and Houses Join The List

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Recession Watch: Cars and Houses Join The List

As traumatized banks pull back, subprime lending evaporates

John Rubino
Apr 19, 2023
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Recession Watch: Cars and Houses Join The List

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Banks were already tightening lending standards before Silicon Valley Bank imploded. This chart is from Q4 2022:

Since then the tightening has become a full-fledged rout. It’s now much harder to get a mortgage or a car loan, especially for less-credit-worthy borrowers in overheated markets.

Meanwhile, interest rates are rising again, with the average 30…

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