Rt 66, all you’re seeing on credit is some retrenchment toward historical norms. On housing, the biggest user of credit in our economy, the govt continues to allow vast amounts of truly incredibly easy and cheap money.
Apparently 3.5% downpayments were too high. I think downpayments of less than 30% or so in an environment of severe price drops in RE are ludicrously small. And 20% is an historical minimum standard for most people.
